CIT Healthcare Arranges $300 Million Financing For One Equity Partners
NEW YORK, May 20 /PRNewswire-FirstCall/ -- CIT Healthcare, a unit of CIT Group Inc. and leading provider of financial services and solutions to the healthcare industry, today announced the successful completion of a $300 million senior secured revolving credit facility for One Equity Partners, LLC for the acquisition of Oncology Therapeutics Network (OTN) from Bristol-Myers Squibb Company.
This credit facility will help OTN, a provider of comprehensive products, services and technology solutions to community-based oncology practices nationwide, become one of the leading independent oncology services companies.
"The CIT Healthcare team has a reputation for delivering exactly what they promise, which for us was a financial package that met both timing and credit structure needs," said James Rubin, partner of One Equity Partners, LLC. "CIT's experience and industry know-how made it the right financial partner for our needs."
"We are pleased to support One Equity Partners business objective in the acquisition of OTN," said Flint Besecker, President of CIT Healthcare. "Our ability to understand the uniqueness of the oncology market allowed us to provide a customized financing solution."
OTN is an industry leading oncology services company that provides oncology drugs, supportive care products and related supplies to more than 2,400 office-based oncology practices in the United States, comprising more than 4,000 physicians. The company is dedicated to helping community-based oncology practices extend and enhance the lives of people with cancer by offering the highest level of customer service and a knowledgeable support staff. For more information, please visit http://www.myotn.com/.
About One Equity Partners, LLP (OEP)
Established in 2001, OEP manages over $2 billion of investments and commitments for JPMorgan Chase & Co. OEP typically invests $50 million to $200 million per transaction in management-led buyouts, growth capital financings and corporate divestitures. With a growing staff of experienced professionals in the private equity market, the group has offices in New York, Chicago and Frankfurt. For more information, please visit http://www.oneequity.com/.
About CIT Healthcare
CIT Healthcare is one of the country's leading providers of financial services and solutions to the healthcare industry. The company provides a broad array of products and services designed to meet the large and diverse commercial financing needs of customers in the healthcare industry. CIT Healthcare offers a full range of capabilities from equipment finance and leasing to working capital lending, acquisition finance, vendor programs, and real estate finance, along with selected advisory and capital markets services.
CIT Group Inc. , a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com/.Photo: http://www.newscom.com/cgi-bin/prnh/20041004/NYM003LOGOCIT Group Inc.
CONTACT: Dan Sommer, Senior Vice President, Director of Marketing andCommunications, CIT Equipment Finance, +1-480-379-3447, Dan.Sommer@cit.com;Jamie Morgan, MWW Group, +1-201-964-2380, email@example.com
Web site: http://www.cit.com/