GE Amends Infraredx's Credit Facility
GE Capital, Healthcare Financial Services, an operating unit of General Electric Company (GE), recently amended the existing $6.6 million senior secured credit facility of medical device company Infraredx, Inc. to provide an additional multi-draw term-loan facility. It also served as the administrative agent and sole lender for the $13.4 million-worth term loan for Infraredx. The debt financing will augment Infraredx’s liquidity and working capital requirements to fuel further growth.
Burlington, MA-based Infraredx improves safety and efficacy of coronary stenting and offers medical practitioners all the critical information for superior decision making in treating coronary artery disease. Using proprietary TVC Imaging System, the only intravascular imaging system that enables true vessel characterization through simultaneous structural and compositional imaging data, it has revolutionized the way coronary artery disease is diagnosed and treated.
Infraredx is likely to utilize the term loan facility to commercialize its operations for wider industry acceptance and recognition.
General Electric is one of the largest and the most diversified technology and financial services corporations in the world. 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, the company serves over 100 million customers worldwide.
Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. With more than $60 billion debt financing transactions in the last 10 years across 45 healthcare sectors, GE Capital, Healthcare Financial Services has an in-depth industry know-how and expertise as a reliable debt provider.
General Electric currently has a Zacks Rank #3 (Hold). Other companies in the industry that are worth mentioning include Tyco International Ltd. (TYC), Hutchison Whampoa Ltd (HUWHY) and Marubeni Corporation (MARUY), each having a Zacks Rank #2 (Buy).
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