CRG's Third Healthcare Fund Closes $355M Term Loan Securitization

Jul 31 2017 | 9:03pm ET

Healthcare specialist CRG has closed a $355 million term loan securitization on behalf of its CRG Partners III pool, which raised $1.25 billion in capital commitments in December of last year, and certain parallel investment vehicles.

The oversubscribed transaction occurred through a private placement offering and arranged by Goldman, Sachs, the company said in a statement. The asset-backed securities financing is the second securitization completed by CRG and consists of $355 million of notes purchased by a broad syndicate of sophisticated institutional investors.

“This transaction strengthens our ability to offer attractive long-term financing solutions to our business partners and underscores CRG’s access to the capital markets,” said Mike Weinmann, CRG Managing Director, in the statement. “Notably, the financing was completed at more favorable pricing and terms, and raised more than twice the proceeds as our inaugural financing last year. 

Founded in 2003 and based in Houston, TX, CRG is a premier healthcare-focused investment firm with more than $3 billion of assets under management across more than 45 portfolio companies.  The firm seeks to commit between $20 to $300 million in revenue-producing, mid- to late-stage companies and invests across the healthcare spectrum, including: medical devices, biopharmaceuticals, tools & diagnostics, services and information technology. 

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