A California-based regional senior care operator with more than 20 facilities across the western United States recently obtained a revolving credit facility, arranged by Grant Goodman of G Capital. Proceeds from the $30 million facility will be used to support working capital requirements and continue the owner’s strategic expansion as new acquisition opportunities arise.
It was structured as a non-recourse, accounts receivable-based facility that includes several borrower-friendly features atypical in the current credit environment, including no prepayment penalty, a 180-day borrowing base and advance rates inclusive of assisted living waiver Medicaid. Priced at a highly competitive spread over SOFR (in the low-200s), the financing was secured through Texas Capital Bank, with Shane Passarelli leading the deal for TCB.
