CIT Serves as Administrative Agent and Lead Arranger on $144 Million Senior Secured Credit Facilities for Bristol Hospice LLC
NEW YORK, /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as administrative agent and lead arranger for $115 million first lien credit facility and sole lead arranger for a $29 million second lien credit facility on behalf of Bristol Hospice LLC to finance the acquisition of two additional hospice providers and provide ongoing working capital.
Founded in 2006 and headquartered in Salt Lake City, Utah, Bristol Hospice provides hospice and palliative care services primarily in the South and West. Bristol's acquisition of two additional hospice providers will more than double the number of patients it serves and expand the platform's footprint to 23 facilities across eight states.
"We were substantially increasing the size and scale of our operations through these acquisitions and decided to work with CIT," said Hyrum Kirton, CEO of Bristol Hospice. "CIT's depth of experience and knowledge of the post-acute healthcare industry made them a natural choice."
"Our Healthcare Finance team used its extensive experience in the hospice sector to successfully structure and execute this financing," said William Douglass, managing director and group head of CIT's Healthcare Finance business. "CIT is pleased to partner with Bristol to support the company's continued growth."
CIT's Healthcare Finance unit provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for growth capital.
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SOURCE CIT Group Inc.
Company Codes: NYSE:CIT