Strategic portfolio acquisition by Solar Senior Capital in 2013
Gemino Senior Secured Healthcare LLC (“Gemino”) is a commercial finance company that specializes in making primarily secured, asset-based loans for small and mid-sized companies operating in the healthcare industry
Typically provides senior debt financing starting at $2mm primarily in the form of revolving lines of credit secured by accounts receivable
Core team averages 15 years of healthcare finance experience and has originated ~$1.6bn of financing commitments
Headquartered in Philadelphia, operates satellite business development offices in Atlanta, GA and Chicago, IL and employs ~20 professionals
Small and mid-sized healthcare service providers across a wide range of industries including Hospitals, Skilled Nursing Facilities, Home Medical Equipment, Medical Laboratories, Surgery/Outpatient Care
Typically, companies are facing some form of stress or lack of available capital from traditional banks due to recent regulation
Senior secured, receivables-based underwriting
Collateral includes Medicare, Medicaid and private insurance accounts receivable
Floating rate
Fees, including upfront, unused, monitoring and float
Meaningful maintenance covenants