GE Capital, Healthcare Financial Services, an operating unit of General Electric Company (GE), recently acted as an administrative agent to close a senior credit facility worth $45 million for The Brooklyn Hospital Center (TBHC). The transaction will likely enhance the liquidity of TBHC and facilitate its working capital requirements to fuel further growth.
With its headquarters in Brooklyn, New York, TBHC is a 464-bed not-for-profit teaching hospital with nearly 3,000 medical professionals and staff. Since its inception as the borough's first voluntary hospital in 1845, TBHC has been offering basic and specialized medical care, sophisticated diagnostic and therapeutic services, and specialized surgery to nearly 300,000 patients annually at present.
TBHC is a member of the New York Presbyterian Healthcare System, and the Brooklyn academic and clinical affiliate of Weill Medical College of Cornell University. These affiliations enable it to tap the resources and expertise of comprehensive university hospitals of the region for a continuum of services. In addition, TBHC has fully accredited independent residency programs in several disciplines, and trains more than 250 physicians each year. The debt financing by General Electric is expected to work a long way in its continuous endeavor to fulfill such social commitments for the overall improvement of patients.
General Electric is one of the largest and the most diversified technology and financial services corporations in the world, competing with industry bigwigs such as Federal Signal Corp. (FSS), Tyco International Ltd. (TYC), and ITT Corporation (ITT). With products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content and industrial products, it serves customers in more than 100 countries and employs more than 287,000 people worldwide.
Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. With more than $60 billion in financing over 10 years to various companies in the healthcare sector, GE Capital, Healthcare Financial Services possesses an in-depth industry know-how and expertise. General Electric currently has a Zacks Rank #4 (Sell).