Pathlight Capital LP announced it is serving as the Administrative Agent on a $210,000,000 senior secured credit facility for Spring Venture Group, LLC (SVG), one of the omnichannel distributors of Medicare Advantage, and Medicare Supplement distributors.
As part of the facility, Pathlight underwrote and “provided a $170,000,000 term loan.”
Proceeds from the facilities will be used to refinance “existing debt and provide liquidity for general corporate purposes.”
Tyler Harrington, Managing Director at Pathlight said:
“We believe SVG is well-positioned to continue as a market leader in the Medicare Advantage and Medicare Supplement brokerage sector, led by a top-tier management team.”
Spring Venture Group’s Chief Executive Officer Chris Guliani said:
“The transaction process with Pathlight has been seamless and we are thrilled to have them as a key financial partner to help SVG fund its next phase of growth.”
Christopher Arnold, Managing Director at Pathlight said:
“It’s been a pleasure working with the team at SVG and their private equity sponsor, Corsair Capital. We are happy to partner with both parties and provide a bespoke financing solution against a portfolio of financial assets.”
As noted in the update, Pathlight Capital is a private credit investment manager dedicated to meeting the needs of companies “that operate across a broad range of industries by providing asset-based loans secured on a first or second lien basis against tangible and intangible assets.”
Pathlight aims to provide creative financing solutions to “allow management teams to access incremental liquidity for the purposes of funding working capital, debt refinancings, growth, acquisitions, dividends and turnaround strategies.”
Founded in 2009, Spring Venture Group (SVG) is “a national distributor for insurance products in the senior market with headquarters in Kansas City, Missouri.”
SVG is reportedly one of the fastest growing “omnichannel distributors of Medicare Advantage, and Medicare Supplement distributor.”
Additional ancillary products include “prescription drug plans, dental, vision, hearing, critical illness, accident, final expense, and hospital.”