This follows HFP’s 2023 announcement of an upsize to an existing financing deal with Post Road Group. Credit: FHPhoto/Shutterstock.

US-based Healthcare Funding Partners (HFP) has closed a $180m senior secured credit facility, enhancing its financial position in the insurance distribution market.  

A senior secured credit facility is a loan or credit agreement backed by collateral, which takes precedence over other unsecured or subordinate debts. 

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JP Morgan was the sole bookrunner and joint lead arranger, with Citi contributing as the supporting joint lead arranger.  

HFP has two main divisions, one of which is an insurance agency that focuses on health, life, Medicare and ancillary insurance products.  

The other is HFP Investments, which concentrates on equity investments and strategic partnerships in the insurance distribution sector. 

The company collaborates with insurance carriers such as Aetna, United Healthcare, Blue Cross Blue Shield, Cigna and Ambetter to provide health insurance solutions to its customers. 

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HFP CEO Michael Hilf stated: “Our team is incredibly excited about our new bank partners, which allows our company to have the financial capability to execute on both our organic and M&A [mergers and acquisitions] growth strategies. We look forward to the successful completion of our first strategic acquisitions.” 

Houlihan Lokey was the exclusive financial advisor and placement agent for the transaction.   

HFP chief operating officer Chad Sokoloff said: “The JP Morgan banking team executed this transaction with ease and professionalism. We are pleased to be supported by these banks and look forward to the continued relationship.” 

This follows HFP’s 2023 announcement of an upsize to an existing financing deal with Post Road Group, with a credit facility of $100m and the potential to increase it to $200m through an accordion feature. 

In 2022, HFP closed a $35m senior secured debt transaction with an unnamed global asset manager that oversees more than $100bn in assets.