GREENWICH, Conn., Oct. 9, 2013 (GLOBE NEWSWIRE) -- Fifth Street Management LLC ("Fifth Street") today announced that its venture lending group, Fifth Street Technology Partners, has worked with Silicon Valley Bank ("SVB") to refinance an existing credit facility and provide additional growth capital for HealthEdge Software, Inc. ("HealthEdge"), a company that provides an integrated financial, administrative and clinical platform for healthcare payors. The transaction consisted of a $17.5 million second lien term loan from Fifth Street Finance Corp. (NASDAQ:FSC) and a revolver from SVB. HealthEdge is a portfolio company of Psilos Group Managers, LLC ("Psilos"), a healthcare investment firm focused on providing venture and growth capital to companies operating in the healthcare sector.
"The timing of this financing reflects the tremendous market opportunity for HealthEdge," said Rob Gillette, CEO of HealthEdge, adding, "The investment will be used to accelerate our position as the only choice for healthcare payors to radically innovate, drastically reduce costs and efficiently address the business imperatives of the evolving healthcare economy."
HealthEdge continues to increase its customer base as a growing number of payors select the HealthRules product suite to reduce costs, engage their members, provide enhanced transparency, improve the quality of care and outcomes, support new business models and achieve regulatory compliance. The award-winning HealthRules platform is available via the HealthEdge cloud or on-site deployment.
David Eichler, Managing Member of Psilos, stated, "Due to our longstanding relationship with Fifth Street, we know we have a dependable lending partner who will place our needs at the forefront. We not only value the substantial balance sheet of Fifth Street's overall platform, but also their creativity in structuring a flexible solution and speed of execution."
"Venture debt represents a natural extension of the Fifth Street platform," commented Michael David, a 20-year industry veteran who heads Fifth Street Technology Partners, adding, "Many financial sponsors offer both small cap private equity and growth stage venture capital and we want to support multi-segment sponsors' complete set of needs. This professional investor-driven approach has become one of our most admired traits—and aligns perfectly with SVB, our partner in this deal and an industry-leading bank."
About Fifth Street Management LLC
With over $3 billion in assets under management, Fifth Street Management LLC is a leading alternative asset manager and the SEC-registered investment adviser of two publicly-traded business development companies, Fifth Street Finance Corp. (NASDAQ:FSC) and Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR). With a track record of more than 15 years and offices across the country, Fifth Street's nationally recognized platform provides custom-tailored financing solutions to small and mid-sized companies, primarily in connection with investments by private equity sponsors. Principally in the form of one-stop financings, first lien, second lien, mezzanine debt and equity co-investments, the Fifth Street platform has the ability to hold loans up to $150 million, commit up to $250 million and structure and syndicate transactions up to $500 million. Fifth Street's website can be found at finance.com">fifthstreetfinance.com.