Autism, IDD Nonprofit Elwyn Secures $45M Refinancing Package

Elwyn — which dubs itself as the nation’s oldest and largest not-for-profit autism and IDD treatment provider — has secured a $45 million refinancing package.

Headquartered in Media, Pennsylvania, Elwyn serves more than 20,000 people across California, Delaware, New Jersey, Pennsylvania, Rhode Island, Maine, Massachusetts, North Carolina and Virginia. It offers clients residential and community-based treatment services, as well as education and vocational training programs. Additionally, Elwyn boasts approximately $400 million in annual revenue and more than 3,500 employees.

HJ Sims — a privately held investment bank and wealth management firm — helped make the refinancing possible. It conducted a comprehensive bank solicitation seeking a $45 million taxable credit facility, comprising a $30 million line of credit and letters of credit for up to $15 million. The facility is secured by a pledge of gross revenues and a mortgage on Elwyn’s main campus on parity with Elwyn’s $56 million of outstanding tax-exempt bonds and tax-exempt/taxable bank debt.


The closing represents an attractive replacement to Elwyn’s prior credit facility and provides a reduced loan credit spread by approximately 75 basis points with liberalized reporting covenants, according to a press release announcing the news.

Elwyn CEO Charles McLister said the refinancing represents a major turning point for the company. It comes after Elwyn was working to execute a variety of initiatives pre-COVID19, including implementing a financial turn-around plan, modernizing its IT systems, shifting its reimbursement methodology, integrating a behavioral services acquisition program and real estate holding evaluation and more.


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