CHICAGO, October 22, 2004 - GE Healthcare Financial Services has arranged a $150 million senior secured revolver to enable Harborside Healthcare Corporation to refinance its healthcare assets and attain capital for future growth. Harborside operates 54 properties with a total of 6,646 beds across nine states.

"GE Healthcare Financial Services' size, experience and industry savvy made it the right partner for us," says Wayne Craig, vice-president of finance for Harborside. "GE listened to our needs and concerns and created a financing structure that offers flexibility for our anticipated growth plans and a more advantageous refinance of our existing debt. This was a complicated deal, and GE structured and executed it quickly."

Innovative financing such as Harborside's, along with its industry knowledge and financial strength, has significantly enhanced GE Healthcare Financial Services' presence in the skilled nursing market. In fact, nine of the 20 largest skilled nursing providers, as ranked by Provider magazine, are GE Healthcare Financial Services' customers.

"GE Healthcare Financial Services is focused on being proactive in meeting our client's needs and solidifying relationships with clients like Harborside," notes Tamera Gundersen, vice president of long-term care for GE Healthcare Financial Services. "We looked beyond conventional financing and incorporated a real estate-based facility coupled with an accounts receivable and corporate finance-type structure that provided Harborside with a global approach to its credit needs. We pride ourselves on accommodating each customer's unique circumstances and objectives."

GE Healthcare Financial Services, a unit of GE Commercial Finance, is a provider of capital, financial solutions, and related services for the global healthcare market. With over $13 billion of capital committed to the healthcare industry, GE Healthcare Financial Services offers a full range of capabilities from equipment financing and real estate financing to working capital lending, vendor programs, and practice acquisition financing. With its knowledge of all aspects of healthcare from hospitals and long-term care facilities to physicians' practices and life sciences, GE Healthcare Financial Services works with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit .

Media Contacts

Deia Campanelli
GE Healthcare Financial Services
312-441-6169