Wells Fargo Capital Finance announced that it acted as administrative agent on a $32.5 million senior secured facility for Petersen Health Network (Petersen), a leading provider of long-term care services in Illinois as well as other areas of the Midwest.
Petersen, based in Peoria, IL, was founded in 1974 by brothers James D. and Robert L. Petersen. Today, ownership remains in the Petersen family under the leadership of Roberts’ son Mark B. Petersen. Over the years, the Petersen Health Network has grown to over 91 long-term care facilities comprised of skilled nursing facilities, assisted and independent living facilities, along with homes for the developmentally disabled.
"With this loan facility, Wells Fargo’s support was important in Petersen’s effort to continue to operate and grow in Illinois and to do what we do best which is caring for those in need,” said Mark Petersen, President and Owner of Petersen Health Network. “Wells Fargo has been wonderful to work with and we look forward to growing the relationship!”
“The company plays a major role in delivering quality healthcare throughout Illinois and the Midwest,” said Tracy Maziek, senior managing director and head of Healthcare Finance at Wells Fargo Capital Finance. “We are pleased to complete this financing for Petersen Health Network.”
Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others.