This transaction demonstrates CIT Healthcare’s continued support of Ernest’s growth strategy and is reflective of the partnership approach we take with our clients
NEW YORK & ALBUQUERQUE, N.M.--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that CIT Healthcare arranged a $20 million senior secured asset-based revolving credit facility for Ernest Health, Inc., one of the nation’s leading operators of inpatient rehabilitation and long-term acute care hospitals. Ernest Health is owned by a joint venture between Ernest Health’s management team and Medical Properties Trust, Inc (NYSE: MPW), a Birmingham, Alabama based self-advised real estate investment trust. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.
“This transaction demonstrates CIT Healthcare’s continued support of Ernest’s growth strategy and is reflective of the partnership approach we take with our clients,” said Steve Warden, President of CIT Healthcare.
Michael Coiley, business leader for CIT Healthcare’s asset-based unit, said, “We are pleased that we were able to assist the management of Ernest and Medical Properties Trust by providing a creative financing solution.”
Darby Brockette, Chief Executive Officer of Ernest Health, said, “We’ve conducted multiple transactions with CIT over the years and their execution here was flawless. We have found their expertise and advice of great value to our business. This facility will provide additional capital to allow us to continue to provide best-in-class rehabilitation and patient care to previously underserved communities across the United States."
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About Ernest Health
Ernest Health, headquartered in Albuquerque, New Mexico, is a leading provider of post-acute care services in underserved, high growth markets throughout the Rocky Mountain and Sun Belt regions. The company owns and operates 16 state-of-the-art inpatient rehabilitation facilities and long-term acute care hospitals across nine states.ernesthealth.com
About CIT Bank
Founded in 2000, CIT Bank is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of December 31, 2011, it had $6.1 billion of deposits and $9 billion of assets. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market 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,BankOnCIT.com, its primary bank subsidiary and an FDIC-insured online bank which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com