Crestline Provides Senior Credit Facility to Support Growth of SUN Behavioral Health
FORT WORTH, Texas, Jan. 7, 2019 /PRNewswire/ -- Crestline Investors, Inc. ("Crestline"), is pleased to announce the recent closing of a Senior Secured Credit Facility (the "Facility") to support the growth initiatives of SUN Behavioral Health, Inc. ("SUN" or the "Company") as well as refinance existing indebtedness. Crestline served as Administrative Agent and Sole Lead Arranger on the Facility.
Founded in 2013 and headquartered in Red Bank, NJ, SUN is a national operator of freestanding psychiatric hospitals. The Company operates healthcare facilities in Houston, TX, Columbus, OH, and Erlanger, KY as well as one newly opened location in Georgetown, DE. Given its scale as the 5th largest privately held psychiatric hospital operator in the United States, the Company is able to differentiate itself through its breadth of services and flexibility to treat a diverse patient population.
The Facility from Crestline provides SUN with additional capital to confront the growing unmet need for behavioral health treatment. SUN plans to continue its growth strategy of augmenting newly built locations, including increasing services and available beds in its current geographies.
"Crestline provided a creative financing solution in an expedited timeframe to support the continued growth of SUN Behavioral Health," said Steve Page, President and CEO of SUN Behavioral Health. "We are pleased to have Crestline as a lending partner and we look forward to Crestline remaining a strong financing partner in the years ahead."
"We have been impressed with the strength of SUN's leadership team and business model," said Chris Semple, Partner at Crestline Investors. "We are excited to partner with SUN to address the mental health needs of the communities they serve."
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