GE Capital, Healthcare Financial Services announced today that it was sole lender and administrative agent on $7.5 million in senior secured credit facilities for PharmAthene, consisting of a $2.5 million term loan and a $5 million revolving line of credit. The financing will be used for general working capital purposes.
Headquartered in Annapolis, MD, PharmAthene is a leading biodefense company that develops and commercializes medical products to counter biological and chemical weapons.
"This financing further strengthens our balance sheet and provides us with increased flexibility to manage our working capital requirements,” said Linda Chang, senior vice president and chief financial officer for PharmAthene. “The GE Capital team immediately understood our business and our financing needs, which expedited the loan process and confirmed for us why they’re a recognized leader in healthcare finance.”
“Our team’s sole focus is to provide customized lending solutions to help companies grow and meet their business objectives,” said Anthony Storino, senior managing director, GE Capital, Healthcare Financial Services, Life Sciences. “We’re pleased to welcome PharmAthene as a customer and provide them with capital to continue their critical work in biodefense.”
About GE Capital, Healthcare Financial Services
With in-depth industry knowledge and expertise, GE Capital, Healthcare Financial Services has provided more than $60 billion in financing over ten years to companies in over 40 healthcare sectors including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices. Our team of professionals creates business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. For more information, visit the company's website at www.ge.com.
Ned Reynolds, 203-229-5717
GE Capital, Healthcare Financial Services
Samia Magbie, 301-664-9859
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