CHARLOTTE, N.C.--(BUSINESS WIRE)--AccessOne, a leading provider of patient financing solutions designed to help consumers manage their healthcare costs, today announced it has closed its first transaction in the asset-backed securitization market. PNC Capital Markets structured the facility and PNC Bank provided a commitment to the facility for 3 years, which allows the company to lock-in long-term capital at an attractive rate.
The proceeds from the transaction were used to pay down AccessOne’s current credit facility with PNC. In addition to the securitization transaction, the company established a working capital line of credit facility with PNC. Stephens Inc served as financial advisor to AccessOne in the transaction.
“The combination of these two transactions enables AccessOne to lock in long-term capital, provide additional short-term liquidity and reduce our overall cost of capital, strengthening our ability to provide patient financing options for consumers with medical debt,” said Craig Rosato, AccessOne’s CFO. “We are pleased to have worked with PNC Bank and Stephens Inc. in achieving such a strong capital outcome for the benefit of our company and those we serve.”
As the emergence of the COVID-19 crisis sparked weeks of market turbulence, access to short-term financing is a top-of-mind concern for healthcare organizations. Meanwhile, 54 percent of consumers worry they are not financially prepared to handle the expense of a coronavirus diagnosis. The closing of these transactions positions AccessOne to provide vital support for healthcare organizations and consumers in a time of economic uncertainty.
“Closing these transactions in this volatile market underscores the strength of AccessOne’s business and team, the quality of our provider client base and the stability of PNC Bank,” said Mark Spinner, president and CEO of AccessOne. “Now more than ever, it’s clear healthcare providers need to offer all patients low-cost, highly flexible options to pay for their costs of care. This expanded access to capital helps us continue to grow our client base at a time when enabling our solutions to help protect the financial condition of healthcare organizations nationwide is so critically important.”
Stephens Inc. is a longtime financial advisor to AccessOne. Preparation for this transaction began in 2019 as AccessOne sought to further enable growth and lower its long-term costs of capital during a period of record-low interest rates and flattening yields.
To learn more about AccessOne, visit https://www.accessonemedcard.com.
AccessOne is a leading provider of flexible, co-branded patient financing solutions. Founded by providers, our solution provides a consumer-focused experience which drives high patient satisfaction for our clients. We have helped over one million consumers afford out-of-pocket medical expenses for health systems nationwide. We offer the most comprehensive platform in the industry with funding models that help more providers and programs that reach more consumers. All patients qualify for our program with no credit reporting or negative outcomes. To learn more, visit www.accessonemedcard.com or connect on LinkedIn.
ABOUT PNC BANK
The PNC Financial Services Group, Inc. (NYSE: PNC) is one of the largest diversified financial services institutions in the United States with assets of $410 billion as of December 31, 2019. With employees in more than 40 states across the country; regional presidents in 41 markets; a retail branch network located in markets across the Mid-Atlantic, Midwest and Southeast; and strategic international offices in four countries outside the U.S., PNC is organized around its customers and communities for building strong relationships and is engaged in retail banking, including residential mortgage, corporate and institutional banking, and asset management, providing many of its products and services nationally.
ABOUT STEPHENS INC.
Stephens Inc. is a full service, independent financial services firm headquartered in Little Rock, Arkansas. Since its inception in 1933, privately held Stephens Inc. has served a broad client base which includes corporations, state and local governments, financial institutions, institutional investors and individual investors throughout the United States and overseas. For more information, visit www.stephens.com. Member NYSE, SIPC.