Silicon Valley Bank Serves as Lead Arranger for $55 Million Financing for US HealthVest
Client News | April 4, 2019
NEW YORK – April 4, 2019 – Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors, today announced that it led a $55 million senior secured term loan to US HealthVest (USHV), a developer and operator of behavioral health facilities. The financing includes a $30 million first lien revolving line and term loan from SVB and a $25 million second lien term loan from a third party. The financing will support the refinancing of existing debt and growth capital for facility expansion.
Bringing psychiatric and substance abuse care to underserved communities, USHV hospitals develop an array of specialized programs in response to community need and partner with existing medical providers to expand services and improve access to care.
“We’re pleased to secure this additional financing from Silicon Valley Bank to support our continued expansion and bring behavioral health services to a growing number of communities,” said Richard A. Kresch, M.D., President and CEO of US HealthVest. “SVB has been a great partner and its understanding of our industry and our business was critical in crafting and delivering flexible debt facilities that can scale with our future needs.”
“We appreciate the opportunity to work with US HealthVest’s proven management team and investors to provide them with the financing solutions to grow their business,” said Joe Hammer, Managing Director of the Healthcare Corporate Finance Practice at Silicon Valley Bank. “Behavioral health services are of critical importance in so many communities and we’re proud to support USHV’s mission to provide high-quality, individualized care to patients.”
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
About US HealthVest
US HealthVest is an innovative provider of behavioral healthcare services. US HealthVest operates Chicago Behavioral Hospital, Lake Behavioral Hospital, Silver Oaks Behavioral Hospital, Smokey Point Behavioral Hospital, Ridgeview Institute-Smyrna, Ridgeview Institute – Monroe and is developing additional psychiatric hospitals across the country. Accredited by The Joint Commission, US HealthVest’s hospitals provide specialized psychiatric care to patients with a full range of inpatient and outpatient services for adolescents, adults and senior adults. US HealthVest was founded in 2013 by Dr. Richard Kresch, formerly Founder and CEO of Ascend Health Corporation and Heartland Health Developments. For more information, please visit www.ushealthvest.com.