NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it arranged and syndicated a $105 million senior secured credit facility for Nashville-based Hospice Compassus, the nation’s largest private independent provider of hospice services across 14 states. Proceeds of the facility were used to refinance senior and subordinated debt, fund ongoing working capital and support the company’s growth strategy.
“CIT provided a flexible and competitive financing structure that enabled us to reduce our overall cost of debt while positioning our company for continued growth. We look forward to building on our partnership with both CIT and the bank group that supported the transaction.”
CIT Healthcare served as Sole Lead Arranger, Sole Bookrunner and Administrative Agent for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Fifth Third Bank and RBS Citizens served as the Syndication Agent and Documentation Agent, respectively, on the transaction.
“This transaction underscores CIT’s deep industry expertise in the home health and hospice sector in addition to our ability to provide creative financing solutions to support our client’s growth objectives,” said Steve Warden, President of CIT Healthcare. “We take pride in our strong client relationships and have served as a finance partner to Hospice Compassus over the past 6 years to support their growth strategy.”
Jim Deal, Chief Executive Officer of Hospice Compassus, said, “CIT provided a flexible and competitive financing structure that enabled us to reduce our overall cost of debt while positioning our company for continued growth. We look forward to building on our partnership with both CIT and the bank group that supported the transaction.”
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About Hospice Compassus
Nashville-based Hospice Compassus (the “Company”) is the nation’s largest private independent hospice platform. The Company has 32 programs and 65 locations throughout 14 states. The Company’s caregivers play an integral role in healthcare by providing cost-effective care that enhances the quality of lives of terminally ill patients and their family members. hospicecompassus.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of December 31, 2012, it had $9.6 billion of deposits and $12.2 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. cit.com/citbank
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com