GE Capital and Bank of America last Thursday launched syndication of $150 million in loans to back a leveraged buyout of CareMore Medical Enterprises by JPMorgan Partners. Crystal Cove Partners will work with JPMorgan Partners on the deal. The financing consists of a $125 million term loan and a $25 million revolver. Pricing on both is LIBOR plus 3 1/4%. The deal replaces $70 million in existing loans.
Based in Downey, Calif., CareMore is a healthcare provider that serves more than 20,000 Medicare patients in and around Los Angeles. A spokesman at B of A declined to comment, as did spokesmen at GE Capital, CareMore and JPMorgan.