SANTA CLARA, Calif., Nov. 16, 2022 /PRNewswire/ — Silicon Valley Financial institution, the financial institution of the world’s most progressive corporations and buyers, and Hercules Capital, Inc. (NYSE: HTGC), immediately introduced that they supplied a $300 million credit score facility to Oak Avenue Well being (NYSE: OSH), a community of value-based major care facilities for adults on Medicare. The financing is meant to offer Oak Avenue Well being with operational and strategic capital for the following a number of years.
“This financing settlement is the results of the robust relationships Oak Avenue Well being has constructed with Hercules Capital and Silicon Valley Financial institution over the past a number of years,” mentioned Tim Cook dinner, Chief Monetary Officer at Oak Avenue Well being. “We sit up for persevering with to work with Hercules Capital and Silicon Valley Financial institution as we spend money on our enterprise and advance our mission of rebuilding healthcare appropriately.”
Oak Avenue Well being is a tech-enabled, major care firm that’s particularly devoted to assembly the well being wants of older adults. The corporate cares for Medicare-eligible sufferers with power sicknesses, significantly these in underserved communities.
“Hercules Capital is happy to as soon as once more companion with Oak Avenue Well being as they proceed to develop their nationwide footprint and supply high-quality major care to older adults throughout the nation,” mentioned Michael Dutra, Managing Director at Hercules Capital. “We’re impressed with Oak Avenue Well being’s dedication to sufferers and are completely satisfied to help their continued development with this new credit score facility.”
“Oak Avenue Well being is rebuilding healthcare by its progressive mannequin and strategy to offering high-quality providers and help for sufferers,” mentioned Tom Hertzberg, Market Supervisor and Head of Central and Southwest U.S. Life Science and Healthcare Banking for Silicon Valley Financial institution. “We’re excited to satisfy Oak Avenue Well being’s financing wants and supply them with advisory experience. This can be a nice instance of the great options and recommendation SVB gives to corporations to assist them succeed and scale.”
About Silicon Valley Financial institution
Silicon Valley Financial institution, the financial institution of the world’s most progressive corporations and buyers, offers industrial banking providers, experience and insights to the know-how, life science and healthcare, non-public fairness, enterprise capital and premium wine industries. Silicon Valley Financial institution operates in facilities of innovation world wide and is considered one of SVB’s core companies with SVB Capital, SVB Non-public and SVB Securities. With world industrial banking providers, Silicon Valley Financial institution helps deal with the distinctive wants of its dynamic, fast-growing, progressive shoppers. Be taught extra at svb.com.
Silicon Valley Financial institution is a member of the FDIC and the Federal Reserve System. Silicon Valley Financial institution is the California financial institution subsidiary of SVB Monetary Group (SVB) (Nasdaq: SIVB). SVB Monetary Group is the holding firm for all enterprise items and teams. © 2022 SVB Monetary Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron gadget are logos of SVB Monetary Group, used underneath license. [SIVB-C]
About Oak Avenue Well being
Based in 2012, Oak Avenue Well being is a community of value-based major care facilities for adults on Medicare. With a mission of rebuilding healthcare appropriately, the Firm operates an progressive healthcare mannequin centered on high quality of care over quantity of providers, and assumes the complete monetary threat of its sufferers. Oak Avenue Well being at present operates greater than 160 facilities throughout 21 states and is the one major care supplier to hold the AARP title. The Firm is a winner of Energage’s 2022 Prime Workplaces USA award, was acknowledged by Inc. on its inaugural Finest-Led Corporations of 2021 listing and was honored as a recipient of the Pleasure in Medication™ Well being System Recognition Program by the American Medical Affiliation in 2022 and 2021. To be taught extra about Oak Avenue Well being’s confirmed strategy to care, go to oakstreethealth.com or learn its Social Impression Report.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the main and largest specialty finance firm centered on offering senior secured enterprise development loans to high-growth, progressive enterprise capital-backed corporations in a broad number of know-how, life sciences and sustainable and renewable know-how industries. Since inception (December 2003), Hercules has dedicated greater than $16 billion to over 600 corporations and is the lender of selection for entrepreneurs and enterprise capital corporations in search of development capital financing. Corporations serious about studying extra about financing alternatives ought to contact [email protected], or name 650.289.3060.
SOURCE Silicon Valley Financial institution