GE Healthcare Financial Services Closes $123.5 Million Deal with Ambulatory Services of America, Inc.

CHICAGO--(BUSINESS WIRE)--GE Healthcare Financial Services has provided $123.5 million in senior credit facilities to Ambulatory Services of America, Inc. of Nashville, Tennessee. The senior debt financing includes a $20 million revolving line of credit, $70 million first lien term loan, and a $33.5 million second lien term loan. GE Healthcare Financial Services acted as Sole Lead Arranger and Sole Book-Runner for the financing and Administrative Agent for the first lien loans. GE also made a $5 million equity investment in Ambulatory Services of America.

“The company has a very talented management team and a great business model. We look forward to a long standing relationship with its team.”

Ambulatory Services of America is a diversified healthcare services company that owns and operates alternative site services in partnership with physicians. The company currently operates in three lines of business -- dialysis care, radiation oncology care and cardiovascular care. Ambulatory Services of America used the funds to finance the acquisition of 35 dialysis centers managed by Innovative Dialysis Systems, Inc. Raymond James & Associates acted as financial advisor to Ambulatory Services of America for the transaction.

“GE Healthcare Financial Services spent substantial time getting to know our business, vision and goals before developing a financing plan for us,” said Tim Martin, President and Chief Executive Officer of Ambulatory Services of America. “The time they spent resulted in a plan tailored just for us -- one that will help us finance the growth and development of our company.”

Ambulatory Services of America used the proceeds to acquire the assets of Innovative Dialysis Systems, Inc. and 33 dialysis centers managed by IDS in California, Ohio, Oregon, Wyoming, and the territory of Guam. The acquisition created one of the largest diversified providers of renal dialysis care and radiation oncology services in the United States. Following the acquisition, Ambulatory Services of America owns interests in and operates 38 dialysis centers, nine radiation oncology centers and six cardiovascular sites of service in 11 states and Guam. It manages two additional dialysis centers.

“We are extremely pleased to add Ambulatory Services of America as a new customer,” said Robert McCarrick, Senior Managing Director of Corporate Finance for GE Healthcare Financial Services. “The company has a very talented management team and a great business model. We look forward to a long standing relationship with its team.”

A leader in corporate finance, GE ranks at the top of several leveraged lending league tables from the Loan Pricing Corporation (September 2007), including:

#3 US Second Lien Lead Arranger
#4 US Large Middle Market Lead Arranger
#4 US Healthcare Lead Arranger

About GE Healthcare Financial Services

GE Healthcare Financial Services is the premier provider of capital, financial solutions, and related services for the global healthcare market. With over $17 billion in assets, GE Healthcare Financial Services offers a full range of financing capabilities from equipment leasing and real estate financing to working capital lending, vendor programs, and acquisition financing. With a dedicated focus and a deep knowledge of the healthcare industry, GE Healthcare Financial Services collaborates with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit www.gehealthcarefinance.com.