SANTA
CLARA, Calif., Nov. 16,
2022 /PRNewswire/ -- Silicon Valley Bank, the
bank of the world's most innovative companies and investors, and
Hercules Capital, Inc. (NYSE: HTGC), today announced that they
provided a $300 million credit
facility to Oak Street Health (NYSE: OSH), a network of value-based
primary care centers for adults on Medicare. The financing is
intended to provide Oak Street Health with operational and
strategic capital for the next several years.
"This financing agreement is the result of the strong
relationships Oak Street Health has built with Hercules Capital and
Silicon Valley Bank over the last several years," said Tim Cook, Chief Financial Officer at Oak Street
Health. "We look forward to continuing to work with Hercules
Capital and Silicon Valley Bank as we invest in our business and
advance our mission of rebuilding healthcare as it should be."
Oak Street Health is a tech-enabled, primary care company
that is specifically dedicated to meeting the health needs of older
adults. The company cares for Medicare-eligible patients with
chronic illnesses, particularly those in underserved
communities.
"Hercules Capital is pleased to once again partner with Oak
Street Health as they continue to grow their national footprint and
provide high-quality primary care to older adults across the
country," said Michael Dutra,
Managing Director at Hercules Capital. "We are impressed with Oak
Street Health's dedication to patients and are happy to support
their continued growth with this new credit facility."
"Oak Street Health is rebuilding healthcare through its
innovative model and approach to providing high-quality services
and support for patients," said Tom
Hertzberg, Market Manager and Head of Central and Southwest
U.S. Life Science and Healthcare Banking for Silicon Valley Bank.
"We are excited to meet Oak Street Health's financing needs and
provide them with advisory expertise. This is a great example of
the comprehensive solutions and advice SVB offers to companies to
help them succeed and scale."
About Silicon Valley
Bank
Silicon Valley Bank, the bank of the world's most innovative
companies and investors, provides commercial banking services,
expertise and insights to the technology, life science and
healthcare, private equity, venture capital and premium wine
industries. Silicon Valley Bank operates in centers of innovation
around the world and is one of SVB's core businesses with SVB
Capital, SVB Private and SVB Securities. With global commercial
banking services, Silicon Valley Bank helps address the unique
needs of its dynamic, fast-growing, innovative clients. Learn more
at svb.com.
Silicon Valley Bank is a member of the FDIC and the Federal
Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial
Group (SVB) (Nasdaq: SIVB). SVB Financial Group is the holding
company for all business units and groups. © 2022 SVB Financial
Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON
VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the
chevron device are trademarks of SVB Financial Group, used under
license. [SIVB-C]
About Oak Street Health
Founded in 2012, Oak Street Health is a network of value-based
primary care centers for adults on Medicare. With a mission of
rebuilding healthcare as it should be, the Company operates an
innovative healthcare model focused on quality of care over volume
of services, and assumes the full financial risk of its patients.
Oak Street Health currently operates more than 160 centers across
21 states and is the only primary care provider to carry the AARP
name. The Company is a winner of Energage's 2022 Top Workplaces
USA award, was recognized by Inc.
on its inaugural Best-Led Companies of 2021 list and was honored as
a recipient of the Joy in Medicine™ Health System Recognition
Program by the American Medical Association in 2022 and 2021. To
learn more about Oak Street Health's proven approach to care,
visit oakstreethealth.com or read its Social Impact
Report.
About Hercules Capital,
Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest
specialty finance company focused on providing senior secured
venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules
has committed more than $16 billion
to over 600 companies and is the lender of choice for entrepreneurs
and venture capital firms seeking growth capital financing.
Companies interested in learning more about financing opportunities
should contact info@htgc.com, or call 650.289.3060.
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SOURCE Silicon Valley Bank