Judge Approves Sale of CharterCARE; Buyer Seeks to Raise $138 Million to Finance Deal
GoLocalProv Business Team
Judge Approves Sale of CharterCARE; Buyer Seeks to Raise $138 Million to Finance Deal
The buyer, Centurion Foundation, celebrated the court’s decision but now needs to raise substantial capital.
“We are looking to raise approximately $138 [million] in financing and will continue the process of working with RIHEBC. Between the sale closing and the financing, we hope to have it all completed in 60-90 days," said the company in a statement.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTRIHEBC is the Rhode Island Health and Education Building Corporation.
Centurion had recently secured financing for $40 million for medical offices in Austin, Texas. That deal is unrelated to the Rhode Island acquisition.
“The proceeds of the Bonds will be used by the Borrower to: (1) finance the acquisition of a portion of a medical office building located at 1004 West 32nd Street, Austin, Texas (the “Project”); and (2) pay certain expenses incurred in connection with the issuance of the Bonds,” according to bond documents related to the Texas deal reviewed by GoLocal.
Future in Rhode Island
Ben Mingle, Chairman & CEO of The Centurion Foundation, said in a statement about the Rhode Island deal, “This was a critically important decision for CharterCARE’s hospitals, their employees and physicians, and the thousands of patients they treat. We will now proceed to complete our financing plan and move quickly to a sale closure."
“Our thanks to the court, the continued support of the Rhode Island Attorney General and Department of Health, and to all parties who came together to urge a positive outcome of the bankruptcy process,” Mingle added.
“We are pleased that the Court has approved the sale and we look forward to working closely with The Centurion Foundation to close the transaction. During that time, we remain committed to continue providing our patients with convenient access to exceptional health care,” said Otis Brown, a spokesperson for CharterCARE.