Siemens Financial Services (SFS) – the financing arm of Siemens – is providing U.S. medical imaging company Tri-State Imaging Group (Tri-State) with a five-year $50 million loan. The SFS senior debt package enables the refinancing of Tri-State’s existing debt and provides a financing solution that supports the company’s planned expansion in the U.S. imaging market with the purchase of 16 new medical imaging centers in Florida.
At the same time, the deal further strengthens the customer’s relationship with Siemens Healthcare, enabling additional orders for medical imaging equipment and extending an existing equipment maintenance service contract with Siemens Healthcare for Tri-State Imaging Group.
“Helping Tri-State to enhance its medical imaging service delivery by providing a well-thought out and executed financial package has been a very rewarding project,” says Anthony Casciano, CEO of the Project, Structured and Leveraged Finance Healthcare unit of SFS. “In addition our financing solution demonstrates how SFS helps build and strengthen relationships with Siemens’ key customers.” As a leading financier in the healthcare sector, SFS plays a major role financing the value-chain for both purchasers and suppliers across the industry. For the Tri-State deal, SFS provided a customized financing package that dovetails with medical imaging technology solutions offered by Siemens Healthcare. By using its balance sheet strength to provide customers with the cost-effective financing they need in order to purchase Siemens products, SFS can achieve one of its key strategic goals in supporting its parent company’s business.
“We are very pleased to be a Siemens customer and excited about this deal. The financial solution structured enables us to rapidly expand our share of the outpatient diagnostic imaging services market in both our core markets and with these new acquisitions across Florida,” says Michael Carr, President of Tri-State Imaging Group.