MidCap financing unit boosts commitments to $600 million, extends term

By Susanna Moon

Chicago, March 7 - MidCap Financial, LLC said one of its financing subsidiaries pushed out the term of its credit facility, led by Wells Fargo Capital Finance, to January 2015 and added additional commitments for a total size of $600 million.

The facility provides financing against MidCap's asset-based loans to health care companies, according to a company press release.

The company received commitments from SunTrust Bank, Key Equipment Finance, Capital One, Fifth Third Bank, EverBank Commercial Finance and Huntington National Bank.

In other financing developments, MidCap also added three new lenders who provide credit on its real estate asset class, the release noted.

In all, MidCap has raised $218 million from six new lenders during the first two months of 2012.

These new commitments bring MidCap's total debt financing commitments to more than $1 billion from 18 different credit partners.

"We plan to utilize this critically important facility, together with those from our other credit partners, to take advantage of the current strong market to build our senior debt portfolio," David Moore, MidCap's chief financial officier, said in the release.

MidCap Financial is a commercial finance company based in Bethesda, Md., focused on middle market lending in the broad national health care industry.

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