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U.S. HealthWorks completes $175 million financing package

Posted: January 20, 2010 4:30 p.m.
Updated: January 20, 2010 8:00 p.m.
VALENCIA, Calif. - U.S. HealthWorks, one of the nation's largest providers of healthcare for on-the-job injuries and urgent care, today announced the completion of a $175 million financing package that will support the company in its growth and acquisition strategy.

The financing package, completed with the assistance of a lending group led by GE Capital, Healthcare Financial Services and Silver Point Finance, LLC, includes refinancing and new debt totaling $150 million, consisting of first and second secured credit facilities and a revolving line of credit. The company also received an additional $25 million in new equity from three existing investors: Altaris Capital Partners, LLC; Three Arch Partners; and Daniel D. Crowley, Chairman and CEO of U.S. HealthWorks.

"We are very pleased with the interest of investors and the financial community in our approach to delivering high quality, cost-effective health care," said Mr. Crowley. "We were able to attract a top-tier group of lenders and put together an attractive package of loans on favorable terms in the midst of a difficult financing environment. We took this step so that we can accelerate our program of acquiring outpatient occupational health clinics."

U.S. HealthWorks has acquired 26 clinics in the last three years. The company has announced acquisitions of five clinics in the last month.

About U.S. HealthWorks
Based in Valencia, California, U.S. HealthWorks was founded in 1995 and is the second-largest operator of occupational health care centers in the nation. With 155 clinics and worksite centers in 15 states and 2,000 employees - including approximately 350 affiliated physicians - U.S. HealthWorks centers serves thousands of patients each day throughout the country. U.S. HealthWorks centers help employers control work-related injury costs through quality medical care and effective management of claims and lost work time, specializing in early return-to-work programs, injury prevention and wellness programs.

About GE Capital, Healthcare Financial Services
With over $17 billion invested, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry, with investments in more than 30 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers.

This story is posted in The Signal's SCV Raw section. Click here for more information about SCV Raw.


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