Tarrytown, NY (PRWEB) September 10, 2012
M&T Bank and ENT and Allergy Associates, LLP (ENTA) announced today they have closed a new financing deal with a total credit facility in excess of $20 million, with which to support the continued growth of the nation’s largest ear, nose, throat, allergy and audiology practice.
The package includes refinancing some existing term debt, new capital project loans, a line of credit and letters of credit, and will be utilized, in part, for a variety of future projects, including the addition of state-of-the-art medical equipment at existing offices and new offices planned in Brooklyn, Queens and the Hudson Valley.
“This transaction with M&T Bank enables us to consolidate existing debt and access new capital in the current low-rate environment,” noted Robert Green, MD and Chair of ENTA’s Finance Committee. “These resources, in turn, provide us the capability to optimally pursue our new project agenda.”
Added CEO Robert Glazer “At ENTA, our goal of providing superior care for as many communities as possible is quite ambitious, and requires the partnership of a financial institution that shares that vision. In M&T Bank, I am extremely pleased to say we have found that partner.”
ENT and Allergy Associates-with 36 offices and over 125 physicians in Westchester, Putnam, Orange, Dutchess, Rockland, Nassau and Suffolk counties in New York, New York City (NYC-Manhattan) and Bergen, Hudson, Middlesex, Morris, Passaic and Somerset counties in New Jersey,-is the most comprehensive and dynamic Otolaryngology, Allergy and Audiology practice in the tri-state area.
Beyond that, the practice houses proprietary divisions populated by world class sub-specialists in the fields of Laryngology, Otology and Neurotology, and Facial Plastics. In addition, its Night and Day Sleep Services division currently has 8 Sleep Laboratories and Sleep Centers located in New York and New Jersey.
“ENT and Allergy Associates is the premier name in ENT, allergy and audiology care and this financing package presented a strong business opportunity for M&T Bank to expand our client base in the health care industry, which has always been a major focus for our commercial lending team,” said M&T Bank Regional President Paula Mandell.
Commented Arthur Schwacke, CFO of ENTA, “Our work with M&T during the process leading to the closing of our deal absolutely reaffirmed my belief that they are the perfect financial institution for us to be doing business with. I am both proud and delighted.”
M&T Bank’s designated Commercial Health Care Lending Division provides financing, deposit and treasury management services to a wide range of healthcare organizations including hospitals, physician group practices, long-term care providers, continuing care retirement communities, assisted living facilities, ambulatory surgical centers and community health centers throughout M&T’s footprint. The ENT and Allergy financing was arranged through the Commercial Health Care Lending Division in Tarrytown, NY, which is managed by Vice President and Team Leader Ken Mitchell.
About ENT and Allergy Associates
Each ENT and Allergy Associates clinical location provides access to a full complement of services, including General Adult and Pediatric ENT, Voice and Swallowing, Facial Plastics and Reconstructive Surgery, Disorders of the Inner Ear and Dizziness, Asthma, Clinical Immunology, Diagnostic Audiology, Hearing Aid dispensing, Sleep and CT Services. ENTA has a clinical alliance with The Mount Sinai Hospital for the treatment of diseases of the head and neck and esophageal cancer and a partnership with the American Cancer Society to educate and treat patients with smoking disorders and cancer. The Practice has also expanded its clinical capabilities to include advanced Immunodeficiency trials.
About M&T Bank
M&T Bank was founded in Buffalo, New York in 1856, and is one of the top 20 independent commercial bank holding companies in the U.S. With $80 billion in assets and more than 750 branch offices in New York, Pennsylvania, Maryland, Delaware, Virginia, West Virginia and the District of Columbia, the company provides customers a full range of banking products and services, including free checking and savings accounts. For more information, visit http://www.mtb.com.
Media Contact Information:
ENT and Allergy Associates, Jason Campbell 914-984-2531
M&T Bank, Chet Bridger 716-842-5182