GE Capital’s Healthcare Financial Services (HFS) business, a part of General Electric Company (GE), recently served as an administrative agent to provide a $550 million revolving line of credit to Genesis Healthcare, Inc. Headquartered in Pennsylvania, the healthcare service provider will utilize the proceeds to complete its previously announced integration with Skilled Healthcare Group, Inc. (GEN). The combined company will operate under the name of Genesis Healthcare, Inc.
Genesis is one of the largest skilled nursing and rehabilitation therapy providers in the U.S. The combined company will have more than 500 skilled nursing and assisted/senior living communities spread across 34 states. The combined company is expected to expand its Genesis Rehab Services division, which aims to provide therapy services to over 1,500 health care providers in 46 states.
GE Capital’s Healthcare Financial Services division already possesses expertise in the healthcare industry. The opportunities of scale created by this combination positions Genesis better to meet the challenges in the post-acute industry and enhance its ability to better serve patients and residents.
General Electric, the parent company of GE Capital’s Healthcare Financial Services division, is one of the largest and most diversified technology and financial services corporations in the world. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and industrial products. Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions and GE Capital.
Source : http://finance.yahoo.com/