Business
Overview

In 2013, SUNS acquired Gemino Healthcare Finance ("Gemino"), a commercial finance company that specializes in making primarily secured, asset-backed loans for small and mid-sized companies operating exclusively in the healthcare industry. SUNS' equity investment produces current income from Gemino's commercial finance investment activities and is expected to generate net long term capital gains.

The company has originated approximately $1.6 billion of financing commitments since its inception in 2007.

In Q1 2021, Gemino was renamed "SLR Healthcare ABL" in conjunction with a rebranding initiative in which SLR Capital Partners ("SLR"), the listed BDCs advised by SLR (SUNS and SLRC), and the affiliate commercial finance portfolio companies owned by SUNS and SLRC, respectively, adopted a single go-to-market brand under the SLR moniker.  

Target
Borrowers

Small and mid-sized healthcare service providers across a wide range of industries including Hospitals, Skilled Nursing Facilities, Home Medical Equipment, Medical Laboratories, and Surgery/Outpatient Care

Typically, companies are facing some form of stress or lack of available capital from traditional banks due to recent regulation

TRANSACTION PROFILE

Senior secured, receivables-based underwriting

Collateral includes Medicare, Medicaid and private insurance accounts receivable

Floating rate

Fees, including upfront, unused, monitoring and float

Meaningful maintenance covenants

TYPICAL INVESTMENT SIZE

$1M to $35M