Oxford Finance has closed a $20 million senior secured term loan and a $1.5 million revolving line of credit with Pali Corporation, a nursing facility operator. Proceeds of the loan are being used to refinance the company’s existing debt and for working capital to support its two nursing facilities in Hawaii.
“Oxford is very pleased to provide capital to support the ongoing operations of Pali’s facilities,” said Christopher Herr, managing director for Oxford Finance. “Pali has a committed and experienced management team that is highly regarded in the healthcare community and for more than 25 years its two Honolulu facilities have been providing excellent care to its patients.”
Pali Corporation operates two skilled nursing facilities in Honolulu, HI. They have been operating for more than 25 years, providing short-term rehab and long-term care for the elderly (no website found).
“I am very grateful for Oxford and the help they can provide us,” said Dr. Edison Miyawaki, president of Pali Corporation. “It has been a pleasure working with them and I’m sure we will continue to have an outstanding relationship in the coming years.”
Oxford Finance, a subsidiary of Sumitomo Corporation, is a specialty finance firm providing senior secured loans to public and private life science and healthcare services companies worldwide. In recent years, Oxford has originated over $1.5 billion in loans, with lines of credit ranging from $500,000 to $50 million. Oxford is headquartered in Alexandria, VA with additional offices in California, Massachusetts and North Carolina (www.oxfordfinance.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-28-12