By Lisa Kerner
Charlotte, N.C., Jan. 6 - Fidelis SeniorCare, Inc. entered into a secured loan facility for up to $50 million with Deerfield Management Co.
Deerfield funded $25 million upon execution of the facility agreement, with the remaining $25 million to be advanced prior to March 15, 2015, upon the company's request and subject to disbursement conditions, according to a news release.
The loan matures in five years and accrues interest at 10¾% per annum.
Upon both the initial and subsequent disbursements, Deerfield will receive warrants to purchase shares of Fidelis SeniorCare's series B preferred stock.
The financing provides Fidelis SeniorCare with working capital to expand.
Fidelis SeniorCare is a private company based in Schaumburg, Ill. The company provides clinical care and care coordination services to dual-eligible beneficiaries through its SecureHome clinics.
| Issuer: | Fidelis SeniorCare, Inc.
|
| Issue: | Loan facility
|
| Maturity: | Five years
|
| Amount: | Up to $50 million
|
| Coupon: | 10¾%
|
| Warrants: | Warrants for series B preferred stock
|
| Investor: | Deerfield Management Co.
|
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