SANTA MONICA, September 30, 2014 – Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), announced that it acted as administrative agent on a $32.5 million senior secured facility for Petersen Health Network (Petersen), a leading provider of long-term care services in Illinois as well as other areas of the Midwest.
Petersen, based in Peoria, IL, was founded in 1974 by brothers James D. and Robert L. Petersen. Today, ownership remains in the Petersen family under the leadership of Roberts’ son Mark B. Petersen. Over the years, the Petersen Health Network has grown to over 91 long-term care facilities comprised of skilled nursing facilities, assisted and independent living facilities, along with homes for the developmentally disabled.
“With this loan facility, Wells Fargo’s support was important in Petersen’s effort to continue to operate and grow in Illinois and to do what we do best, which is caring for those in need, ” said Mark Petersen, president and owner of Petersen Health Network. “Wells Fargo has been wonderful to work with and we look forward to growing the relationship!”
“The Company plays a major role in delivering quality healthcare throughout Illinois and the Midwest,” said Tracy Maziek, senior managing director and head of Healthcare Finance at Wells Fargo Capital Finance. “We are pleased to complete this financing for Petersen Health Network.”