Drive Medical secures $115 million loan
By HME News Staff
Updated Wed October 9, 2013
BETHESDA, Md. - With a $115 million loan, Drive Medical is refinancing existing debt and supporting ongoing capital and growth needs, according to financing administrator GE Capital, Healthcare Financial Services. The senior credit facility may be increased to as much as $165 million under certain conditions and can be used to make acquisitions, according to an Oct. 8 release. “GE worked closely with us to provide the capital and flexibility we will need to continue our growth and maintain our position as a leader in our market,” stated Richard Kolodny, Drive Medical president, in the release. Headquartered in Port Washington, N.Y., Drive Medical manufacturers more than 2,500 durable medical products for markets around the world.
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