Published on February 11, 2011 at 9:17 AM
GE Capital, Healthcare Financial Services announced today that it is agent and a lender for $55 million in senior secured credit facilities for eBioscience, Inc. The credit facilities will be used to finance the company's repurchase of certain shares from early investors, refinance existing debt, and provide growth capital. The financing includes a $45 million term loan and a $10 million revolving line of credit. GE Capital Markets served as sole lead arranger and bookrunner.
“GE Capital's Healthcare Financial Services business has been a supportive financing resource”
Based in San Diego, CA, eBioscience, Inc. is a manufacturer and distributor of reagents, key substances used in pharmaceutical research to detect, measure, and examine other substances in chemical and biological reactions. The company's mission is to provide innovative, high-quality reagents to researchers worldwide and empower the process of scientific discovery in the areas of immunology and oncology.
"GE Capital's Healthcare Financial Services business has been a supportive financing resource," said Don Tartre, chief executive officer of eBioscience. "GE's pharma team has demonstrated a keen understanding of our business, and GE certainly provides the expertise and financial capacity to support our growth capital needs for years to come."
"This financing enables eBioscience to repurchase stock, refinance existing indebtedness and positions the company for growth." said Robert McCarrick, senior managing director for GE Capital, Healthcare Financial Services' corporate finance group. "Our products, expertise in the healthcare industry and financing experience uniquely enable us to help customers meet their growth objectives."
Source GE Capital, Healthcare Financial Services