Promise Healthcare Group, LLC, a national specialty hospital company specializing in the treatment of critically sick sufferers, under the operating banners of Promise Healthcare, Inc. and Success Healthcare, LLC announces today that it has signed a 5-year credit facility with Wells Fargo Bank, National Association. The asset based facility offers up to $75 million of borrowing capacity.
“We are glad to have Wells Fargo Bank as our partner as we sustain to grow. Wells brings a breadth of knowledge and understanding of our company and industry that is unmatched in the banking sector. The Wells team demonstrated a willingness to provide a specialized lending solution, which will assist us to position our company for future growth,” stated Peter Baronoff, Chief Executive Officer of Promise Healthcare, Inc. and Executive Chairman of Success Healthcare, LLC. “The Wells Fargo team rapidly gained an understanding of our business, particularly the unique intricacies that pertain to Long Term Acute-Care patient receivables,” stated James Hopwood, Chief Financial Officer, Promise Healthcare, Inc.
Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC) acted as agent and sole lender on the senior secured facility for Promise Healthcare Group, LLC. "Promise is an industry leader, offering providing vital and primary healthcare to the communities it serves across the nation," stated Michael Janda, managing director with the Healthcare Finance group at Wells Fargo Capital Finance. "We are extremely glad to complete this financing and partner with Promise management to help the company grow and continue offering quality healthcare to the long term acute care industry."
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