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Advanced Recovery Systems closes $75 million senior credit facility

Advanced Recovery Systems, LLC (ARS), an integrated behavioral healthcare company, closed a $75 million senior credit facility from White Oak Healthcare Finance, LLC. The senior credit facility consists of a $15 million Revolving facility, a $50 million Term Loan Facility, and a $10 million Delayed Draw Term Loan Facility. The facility had a borrowing base on the revolver and is also real estate secured. Proceeds were used to pay off an incumbent lender and provide ARS with more working capital. Goldman Sachs & Co. LLC was the sponsor to ARS.

Waller represented ARS as the borrower in negotiating, documenting and closing the credit facility. The transaction involved extensive finance, healthcare, healthcare regulatory and real estate due diligence.

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