Bridge Bank’s Syndication Capabilities Helps Clients Grow

August 04, 2021

Bridge Bank knows that Tabula Rasa is anything but a blank slate. In fact, this high-growth healthcare technology company that specializes in medication risk management is an industry leader with a full scope of attractive products and opportunities.

In December, Bridge Bank led a credit facility syndication that provided Tabula Rasa Healthcare with a total commitment of $120 million — one of many such deals the bank has facilitated for its growing clients over the past 10 years.

Bridge Bank, which served as the administrative agent, provided a $53 million commitment to help propel Tabula Rasa’s growth. It worked with Regions Bank, which acted as the documentation agent and committed $35 million, along with California Bank of Commerce and Live Oak Bank.

“As our client companies continue to grow, we’ve grown our capabilities to partner with other banks to syndicate larger loans and help facilitate clients’ goals,” said Brian McCabe, senior director in Bridge Bank’s Washington, D.C.-based Technology Banking Group.

Typically, syndicated loans are called for when the borrower requires a loan that is too large for a single lender or when a project needs a lender with expertise in a specific asset class.

Bridge Bank, which has been involved with loan syndications since 2001, has a true specialty in full-service banking for the technology and innovation sector.

“When we create a syndication, we work to bring together like-minded banks with similar interests in the sector so that we can accommodate the needs of our growing clients,” McCabe said. “We see increasing potential for this level of lending and look to continue expanding our work in leading syndicated loans for our clients.”

Tabula Rasa Healthcare (NASDAQ: TRHC), which has been a Bridge Bank client since 2015, provides patient-specific, data-driven technology and solutions that reduce hospitalizations and lower healthcare costs.

McCabe said that it has been rewarding to support Tabula Rasa’s growth through their IPO and as they continue to grow. While Bridge Bank could have continued to help the company on its own, it made more sense to bring on other banks to further facilitate further growth of the company.

“As we always do, we looked at what is best for our client and we were able to tap our syndication expertise to get it done,” McCabe said.