GE Capital Provides $320 Million Credit Facility to Diplomat Pharmacy, Includes Funds for Acquisition of BioRx
April 23 2015 - 9:55AM
Business Wire
GE Capital’s Healthcare Financial Services (HFS) business
announced today that it has provided a $320 million senior secured
credit facility to Diplomat Pharmacy, Inc., the country’s largest
independent specialty pharmacy. GE Capital Markets was lead
arranger and bookrunner on the transaction.
A portion of the funds was used to acquire BioRx, LLC, a
Cincinnati, OH-based highly specialized pharmacy and infusion
services company that provides treatments for patients with
ultra-orphan and rare, chronic diseases. The remainder of the funds
will be available for working capital and other general corporate
purposes.
Headquartered in Flint, MI, Diplomat focuses on medication
management programs for people with complex chronic diseases,
including oncology, immunology, hepatitis, multiple sclerosis, HIV,
specialized infusion therapy and many other serious or long-term
conditions. In addition, the company provides patient support
services through national retailers and major hospitals.
Sean Whelan, Diplomat’s CFO, said, “We were looking for timely
and reliable execution of this credit facility, with flexible terms
to support our continued rapid growth. GE Capital’s healthcare
finance team understands our business very well, which really
helped in the structuring and execution of this transaction.”
“We’re pleased to have successfully completed this latest
financing for Diplomat,” said David Varhol, managing director of GE
Capital, Healthcare Financial Services’ corporate finance team.
“We’re seeing continued rapid growth and consolidation within the
specialty pharmacy industry, particularly in the specialty infusion
space. This acquisition helps expand Diplomat’s presence in
specialty infusion while it continues its rapid organic
growth.”
About Diplomat
Diplomat (NYSE:DPLO) serves patients and physicians in all 50
states. Headquartered in Flint, MI, the company focuses on
medication management programs for people with complex chronic
diseases, including oncology, immunology, hepatitis, multiple
sclerosis, HIV, specialized infusion therapy and many other serious
or long-term conditions. Diplomat opened its doors in 1975 as a
neighborhood pharmacy with one essential tenet: “Take good care of
patients, and the rest falls into place.” Today, that tradition
continues – always focused on improving patient care and clinical
adherence. For more information, visit www.diplomat.is.
About GE Capital, Healthcare Financial Services
GE Capital’s Healthcare Financial Services (HFS) business is one
of the most active capital providers in the U.S. healthcare market,
deploying approximately $10.5 billion in new commitments to
customers via 240+ transactions in 2014. That adds up to more than
$80 billion in financing over the past 11 years. For the third
consecutive year, HFS was the top lead arranger for financings up
to $1 billion in U.S. healthcare leveraged finance.
Customers across 45 healthcare sectors — including senior
housing, hospitals, medical offices, outpatient services,
pharmaceuticals and medical devices — rely on HFS to finance
acquisitions, refinance existing debt, support working capital
needs and fund growth initiatives. With in-depth industry knowledge
and expertise, the HFS team of professionals creates business and
financial solutions tailored to meet the individual needs of its
customers. For more information, visit gecapital.com/healthcare or
follow company news via Twitter
(http://twitter.com/GELendLease).
GE Capital offers consumers and businesses around the globe an
array of financial products and services. For more information,
visit www.gecapital.com or follow company news via Twitter
(http://twitter.com/GECapital).
GE (NYSE:GE) works on things that matter. The best people and
the best technologies taking on the toughest challenges. Finding
solutions in energy, health and home, transportation and finance.
Building, powering, moving and curing the world. Not just
imagining. Doing. GE works. For more information, visit the
company's website at www.ge.com.
GE Capital, Healthcare Financial ServicesMaria C. Moreno,
301-664-9859mariac.moreno@ge.comorGE CapitalLisa Tibbitts,
203-956-4582lisa.tibbitts@ge.comorDiplomat Pharmacy,
Inc.Jenny Cretu, 810-768-9370press@diplomat.is
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