BOCA RATON, Fla.--(BUSINESS WIRE)-- Promise Healthcare Group, LLC, a national specialty hospital company specializing in the treatment of critically ill patients, under the operating banners of Promise Healthcare, Inc. and Success Healthcare, LLC announces today that it has signed a five-year credit facility with Wells Fargo Bank, National Association. The asset based facility provides up to $75 million of borrowing capacity.
“We are pleased to have Wells Fargo Bank as our partner as we continue 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 help us position our company for future growth,” said Peter Baronoff, Chief Executive Officer of Promise Healthcare, Inc. and Executive Chairman of Success Healthcare, LLC. “The Wells Fargo team quickly gained an understanding of our business, especially the unique intricacies that pertain to Long Term Acute-Care patient receivables,” said 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, providing vital and important healthcare to the communities it serves across the nation," said Michael Janda, managing director with the Healthcare Finance group at Wells Fargo Capital Finance. "We are extremely pleased to complete this financing and partner with Promise management to help the company grow and continue providing quality healthcare to the long term acute care industry."
With 24 health care facilities in nine states, Promise Healthcare, Inc. and Success Healthcare, LLC fills a critical void in each market it serves. Promise Healthcare hospitals provide long-term care settings that focus on treating critically ill and high acuity patients in a comprehensive manner, utilizing specialized treatment programs geared to treat patients with multiple medical complexities. Success Healthcare, LLC manages and owns community-based short-term acute-care hospitals. With two campuses in California and two campuses in Missouri including inpatient behavioral health and a School of Nursing; Success Healthcare’s goal is to deliver consistent quality cost-efficient patient care in each market it serves.
About Promise Healthcare Group, LLC
Headquartered in Boca Raton, Florida, Promise Healthcare Group, LLC operates two operating subsidiaries, Promise Healthcare, Inc. and Success Healthcare, LLC, one of the largest long-term and short-term acute care hospital organizations in the country. With more than 5,000 staff members and 24 health care facilities nationwide, Promise and Success hospitals utilize an interdisciplinary approach to healing and wellness. Promise’s distinctive LTAC environment provides acute medical care and aggressive therapy services for patients with unresolved, acute, or catastrophic illnesses, as well as multi-organ disease processes who require an extended length of stay. Promise specializes in acute respiratory/pulmonary care (including ventilator management and weaning), complex wound management, and treatment for multi-organ failure and post-surgical complications. For more information, please visit www.promisehealthcare.com.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as healthcare, retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
For more information and to arrange interviews, contact:
Steve Helland, Promise Healthcare Group, LLC, firstname.lastname@example.org
Office: 561-869-6339; Mobile: 214-912-1485