Prudential Securities has completed a private placement of $75 million in healthcare receivables.
The New York-based investment banking firm has established itself as a major player in receivables "securitization." Prudential packages healthcare receivables as debt securities and sells the notes to raise capital for healthcare companies.
The $75 million receivables pool was originated by National Premier Financial Services, a Columbus, Ohio-based healthcare receivables finance company. National Premier also will monitor collections and service the receivables.
Rated AA by Standard and Poor's Corp., the notes have a maturity of June 1, 1998, and are backed by receivables from Geriatric and Medical Centers, Philadelphia; Premier Anesthesia, Atlanta; Rx Medical Services Corp., Fort Lauderdale, Fla.; Oncology Services Corp., State College, Pa.; and Thera-Kinetics, Mount Laurel, N.J.