Odyssey Healthcare has received a $160 million senior secured credit facility from GE Healthcare, Inc., for its recent acquisition of VistaCare, Inc.
Dallas-based Odyssey now operates approximately 110 Medicare-certified hospice care locations in 30 states, serving more than 12,000 patients and their families daily.
"GE listened to our needs and delivered a financing solution that gives us additional financial flexibility and complements our long-term growth strategy," said Bob Lefton, president and CEO of Odyssey. "Its team has a deep understanding of both the industry and our business, which made them true supporters in this venture."
Odyssey completed the acquisition of Scottsdale, Ariz.-based VistaCare on March 6. VistaCare is a provider of hospice care services in 14 states, providing hospice care primarily designed to reduce pain and enhance the quality of life of patients facing life-limiting illness, whether in the patient's home or other residence of choice, including hospitals, assisted living communities and nursing homes.
"Odyssey is a longstanding customer with a proven industry track record," said Bob McCarrick, senior managing director for GE Healthcare Financial Services. "Our team was excited to help Odyssey and underwrite the entire $160 million facility and create a tailored financing strategy that would enable the hospice provider to cement its category leadership."