Credit Value Partners (CVP), as agent for funds and accounts under its management, a registered investment advisor specializing in corporate debt investments, closed a $12 million revolving DIP credit facility with Health Diagnostic Laboratory (HDL). Proceeds of the loan were used for general working capital purposes and to assist HDL in its sale process.

HDL filed for chapter 11 bankruptcy protection on June 8, 2015 – with HDL’s assets being sold to True Health for $37.1 million on September 30, 2015.

“CVP is pleased to have provided this DIP facility to HDL,” said Michael Keller, partner for CVP. “This loan highlights the strength of CVP’s direct lending platform and the depth of our firm’s healthcare and bankruptcy expertise.”

“It’s a great privilege to work with CVP,” said Martin McGahan, senior managing director of Alvarez & Marsal and chief restructuring officer of HDL. “The CVP deal team of Michael Keller and Robert Gittrich exhibited an extremely deep understanding of the healthcare industry and bankruptcy. Despite significant obstacles and complexities, they were able to craft a solution and execute in a timely and thoughtful manner.”

CVP is a registered investment advisor specializing in high yielding and non-investment grade corporate debt.