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Signaling Industry-Wide Shift to Integrated Mental Health, Quartet Announces Capital Raise and Strategic Partnership with Leading Medicaid Provider

Business Wire



Reading Time: 3 minutes

$60M Series D funding round fuels continued expansion nationwide,
with a growing focus on supporting Medicaid beneficiaries with mental
health conditions

NEW YORK–(BUSINESS WIRE)–Quartet, an innovative health care technology and services company,
today announced a strategic partnership with Centene Corporation (NYSE:
CNC) to ensure the most vulnerable populations have access to mental
health care.

Medicaid, which supports nearly one in five Americans to access health
care, is the largest payer of mental health care in the United States.
The average spend of a Medicaid beneficiary with mental health
conditions is 4x greater than someone without. This excess spend often
shows up through physical health complications and costly episodes such
as emergency room visits. Research shows that when mental health is
integrated with primary care, patient health improves and cost of care
goes down.

“Access to mental health care is critical for overall health,” said
former Congressman and Quartet Board Member Patrick J. Kennedy. “For far
too long, those living with mental health and addiction challenges –
including Medicaid beneficiaries – have faced a separate and unequal
system of care in this country. Now, as rising rates of overdoses and
suicides continue to devastate families nationwide, we must prioritize
integrated care that treats the body and the mind.”

Quartet enables the integration of mental health and primary care
through scalable products and services built for the provider community.
Through a HIPAA-compliant technology platform, Quartet supports
collaborative care teams at the local level, placing both primary care
and mental health providers at the center of patient care. Physicians
are supported with data and resources to better identify patients who
may have underlying mental health conditions, and empowered to easily
connect their patients to a trusted network of mental health providers.
Sharing treatment plans, notes, and updates on clinical assessment
results, primary care and mental health providers are empowered to
support the overall mental and physical health of their patients.

“Through deepening our partnership with Quartet, we are focused on
ensuring that people in all communities can access the care they need,”
said Jesse Hunter, Executive Vice President, Mergers and Acquisitions,
and Chief Strategy Officer for Centene. “We are pleased to work with
Quartet and other health care innovators to advance the role technology
and services can play to improve the integration of mental health and
primary care.”

Quartet announces expansion of platform to support more members of
the patient care team

Supporting patients with mental and physical health conditions –
including those on Medicaid – often takes a team. Today Quartet is
announcing a new feature of the company’s Care Team product that will
enable clinicians, clinically-adjacent providers, and community-based
professionals – such as case managers – to support patients and connect
them to mental health care. This will empower a greater number of
professionals to support patients to get the right care at the right

Over time, the Care Team product will deliver a unique opportunity to
care for the full patient journey, including a more collaborative
approach with all stakeholders who are a part of a member’s care
journey. This product evolution is highly relevant for Medicaid
beneficiaries, many of whom are served by Federally Qualified Health
Centers (FQHCs) and other community resources, and have numerous
non-clinical professionals as a part of their care team.

“We are committed to building a health care system in which every person
with a mental health condition gets the care they need,” said David
Wennberg, MD, MPH, CEO of Quartet. “In all we do, the patient is our
north star. Centene’s partnership enables us to continue to support the
experience of individuals in need of mental health care services,
including Medicaid beneficiaries and their team of care providers.”

Quartet raises $60M in Series D investment

As integrated mental health care becomes a priority throughout the
healthcare industry, Quartet is leading the way to advance this reality.
Recently Quartet completed a $60M Series D funding round, bringing total
funding raised to date to $153M. The dynamic consortium of Series D
funders — including Centene Corporation, and returning investors F-Prime
Capital Partners, GV (formerly Google Ventures), Oak HC/FT, and Polaris
Partners — will fuel continued growth as the company works to help
ensure people with mental health conditions get the care they need.

About Quartet

Quartet is a pioneering healthcare technology company striving to
improve the lives of people with mental health conditions. We connect
people to a personalized care team to get them the right care at the
right time. Our collaborative technology platform and range of services
brings together physicians, mental health providers, and insurance
companies to effectively improve patient outcomes and drive down
healthcare costs. Backed by $153MM in venture funding from top investors
like Oak HC/FT, GV (formerly Google Ventures), F-Prime Capital Partners,
Polaris Partners and Centene Corporation, Quartet is headquartered in
NYC and is currently operating in several markets across the United
States — Pennsylvania, Washington, Northern California, New Jersey,
North Carolina, Louisiana, and Illinois.


Rob Cronin
Jen Long

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

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Business Wire

KBRA Releases its Portfolio Analysis Tool for Structured Credit

Business Wire



Reading Time: 2 minutes

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) releases its KBRA Portfolio Analysis Tool (K-PAT), which is detailed in the company’s Structured Credit Methodology.

K-PAT was developed to evaluate portfolios underlying collateralized loan obligations (CLOs) and others containing mostly sub-investment grade corporate exposures. It is a formulaic tool that can be used to quickly project the expected cumulative default amount at each KBRA rating level. The formula starts with the KBRA probability of default (K-PD) of each credit and incorporates both a rating multiplier for each rating level and an adjustment based on the portfolio’s diversity. The K-PD is based on the credit assessment and tenor, the latter of which can be adjusted for transactions with reinvestments that will increase the overall portfolio duration.

K-PAT’s output provides a portfolio-level projected default rate that is representative of KBRA’s views on the economic environment that may be experienced at a specific rating level, and used as an input when performing a full cash flow analysis.

The K-PAT file is Excel-based and available as a free download on the KBRA website.

To download the file, click here.

Related Publications: (available at


Download the iOS App

About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.


George Lyons, CFA, Senior Director

(646) 731-3314

Sean Malone, CFA, Director

(646) 731-2436

Steven Zhen, Analyst

(646) 731-3379

Eric Hudson, Managing Director

(646) 731-3320

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Business Wire

Allegion Announces Pricing of $400 Million of Senior Notes

Business Wire



Reading Time: 3 minutes

DUBLIN–(BUSINESS WIRE)–Allegion plc (NYSE: ALLE) (“Allegion” or the “Company”), a leading global provider of security products and solutions, today announced that it priced its previously announced offering of $400 million aggregate principal amount of 3.500% senior notes due 2029 (the “Notes”). The offering is expected to close on September 27, 2019, subject to the satisfaction of customary closing conditions.

The Notes will be guaranteed upon their issuance by Allegion US Holding Company Inc., a wholly-owned subsidiary of Allegion.

Allegion intends to use all of the net proceeds from the offering to repay a portion of the borrowings under its term loan facility. “This offering allows us to extend maturities at attractive interest rates,” said Patrick Shannon, senior vice president and CFO of Allegion.

BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers.

Allegion has filed an effective registration statement with the U.S. Securities and Exchange Commission (SEC) for the offering and encourages investors to read it (including the accompanying prospectus, the related prospectus supplement and the information incorporated by reference therein) for more complete information about Allegion and the offering. You may obtain these documents for free by visiting EDGAR on the SEC website at Alternatively, copies may also be obtained by contacting BofA Securities, Inc. at the following address: NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina, 28255-0001, Attn: Prospectus Department, or by calling 1-800-294-1322, or by emailing; Goldman Sachs & Co. LLC at the following address: 200 West Street, New York, New York 10282, Attn: Prospectus Department, or by calling 1-866-471-2526; or J.P. Morgan Securities LLC at the following address: J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attn: Investment Grade Syndicate Desk, 3rd Floor, or by calling collect 1-212-834-4533.

These securities are only offered by means of a prospectus and a prospectus supplement related to the offering. This news release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor will there be any sales of securities mentioned in this news release in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the expected closing of the offering and the use of proceeds therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” or the negative thereof or variations thereon or similar expressions generally intended to identify forward-looking statements. These statements are based on the Company’s currently available information and its current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties – many of which are beyond the Company’s control – as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Further information on these factors and other risks that may affect the Company’s business is included in filings it makes with the SEC from time to time, including its Form 10-K for the year ended December 31, 2018, Form 10-Q for the quarters ended March 31, 2019, and June 30, 2019, and in its other SEC filings. The Company undertakes no obligation to update these forward-looking statements.

About Allegion

Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, businesses, schools and other institutions. Allegion had $2.7 billion in revenue in 2018, and sells products in almost 130 countries.


Media Contact:
Whitney Moorman – Reputation Management Leader


Analyst Contact:
Mike Wagnes – Vice President, Treasury and Investor Relations


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Business Wire

First BanCorp to Announce 3Q 2019 Results on October 22, 2019

Business Wire



Reading Time: 1 minute

SAN JUAN, Puerto Rico–(BUSINESS WIRE)–First BanCorp (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today that it expects to report its financial results for the third quarter ended September 30, 2019, before the market opens on Tuesday, October 22, 2019.

First BanCorp will hold a conference call and live webcast to discuss the financial results at 10:00 a.m. Eastern time on Tuesday, October 22, 2019. The call and webcast will be broadcast live over the Internet and can be accessed through the investor relations section of the Corporation’s website:

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary software. The call may also be accessed through a dial-in telephone number 877-506-6537 or 412-380-2001 for international callers. Following the webcast presentation, a question and answer session will be made available to research analysts and institutional investors.

A replay of the webcast will be archived in First BanCorp’s website until October 22, 2020. A telephone replay will be available one hour after the end of the conference call through November 22, 2019 at 877-344-7529 or 412-317-0088 for international callers. The replay access code is 10135120.

About First BanCorp

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, and of FirstBank Insurance Agency, LLC. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Limited Liability Company and First Express, Inc., both small loan companies, and FirstBank Puerto Rico Securities Corp., a broker-dealer subsidiary. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol “FBP.”


First BanCorp.
John B. Pelling III

Investor Relations Officer


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