Oxford Finance LLC Closes $13.9 Million Senior Secured Credit Facility with Affiliates of Landmark Health Solutions LLC
ALEXANDRIA, Va., June 3, 2011 /PRNewswire/ — Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life science and healthcare services companies, today announced that it provided a $13.9 million credit facility to affiliates of Landmark Health Solutions LLC (“Landmark”). The financing package included a $10.9 million senior secured term loan and a $3 million revolving line of credit. Landmark utilized the proceeds from Oxford to refinance existing debt and support the ongoing operations of three of its affiliated owned skilled nursing centers in Massachusetts.
“Landmark’s management team has many years of experience and a proven track record of stabilizing underperforming nursing facilities,” said Christopher A. Herr, managing director for Oxford Finance LLC. “We are very pleased that Oxford was selected to provide a financing package to support Landmark’s efforts to reposition its nursing facilities.”
“We are very excited about the opportunity that this recapitalization provides our owned centers,” said Steve Raso, a principal at Landmark. “This capital initiative allows us to utilize a single lender that optimally supports our current and future business needs. Proceeds from this recapitalization enable us to stabilize our balance sheet through the consolidation of our senior debt while discharging secondary financing and trade liabilities associated with our original center purchase acquisitions. This enhanced capital structure improves our working capital position, strengthens economies of vendor relations, and adds capital improvements capacity associated with continuing operations.”
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life science and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $1.5 billion in loans, with lines of credit ranging from $500 thousand to $40 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Illinois, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.
About Landmark Health Solutions
Landmark is a New England based owner, operator and consulting services provider dedicated to the Seniors Housing & Care Industry. With particular concentration and specialized resource capacity in the skilled nursing sector, Landmark’s unique experience qualifications and business history has contributed to its valued reputation for achieving results. The hallmark of Landmark’s operating philosophy is its integrated approach to the business, where optimal and sustainable results are predicated on the interdisciplinary delivery of resident care and health care services. Landmark is represented by affiliate enterprises include Landmark Management Services (Operations Management); Landmark Health Solutions (Consulting Services); Landview Therapy Services (Rehabilitation Programming); and, Landstone Recruitment (Professional Staffing Services). Collectively, Landmark’s professional services team constitutes the full array of resource needs meeting the demands of our industry.
SOURCE Oxford Finance LLC