CIT Serves as Sole Lead Arranger in $50 Million Financing of Superior Biologics- Superior Biologics is a Leading Home Infusion and Specialty Pharmacy Provider- Financing Provided by CIT Bank Will Be Used for Debt Refinancing, Working Capital and a Shareholder DividendMonday, March 7, 2016 08:30 AM
The home infusion/specialty pharmacy sector is supported by strong industry fundamentals, including an aging population, the shift of care to lower-cost settings, and expanded insurance coverage. The Superior Biologics management team has a successful track record of serving an essential population utilizing a patient-centric approach.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Healthcare Finance served as Sole Lead Arranger and Administrative Agent for a $50 million senior secured credit facility to Superior Biologics, a leading home infusion and specialty pharmacy provider offering services to pediatric and adult populations suffering from chronic illnesses. The financing will be used to refinance existing debt, provide general working capital and support a shareholder dividend. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Mark Kovinsky, Chief Executive Officer, Superior Biologics, said, “We differentiate ourselves from competitors through a high-touch clinical care model that addresses the unique medical, psychological and social needs of our patients. We deploy a multidisciplinary care team that creates specialized treatment programs tailored to each individual patient. This financing will help us continue to deliver excellent service to our patients while further strengthening our relationships with leading physicians and insurance providers. CIT’s healthcare knowledge and flexible approach were essential to the successful execution of the transaction.”
William Douglass, Group Head and Managing Director, CIT Healthcare Finance, said, “The home infusion/specialty pharmacy sector is supported by strong industry fundamentals, including an aging population, the shift of care to lower-cost settings, and expanded insurance coverage. The Superior Biologics management team has a successful track record of serving an essential population utilizing a patient-centric approach.”
Manesh Chandwani, Vice President, CIT Healthcare Finance, said, “Superior Biologics is led by a high-quality management team with significant experience in the infusion industry. Superior Biologics’ senior management has proven its ability to maintain a high-quality platform while achieving substantial growth through organic initiatives. CIT is pleased to provide financing to this high-performing company and continue to build our relationship with their strong management team.”
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About Superior Biologics
Superior Biologics is a leading home infusion and specialty pharmacy provider offering services to pediatric and adult populations suffering from chronic illnesses. Superior Biologics’ goal is to provide cost-effective and highly compassionate care to its patients, which ultimately leads to healthy therapeutic outcomes and enhanced quality of life. Superior Biologics is dedicated to improving wellness through comprehensive programs that help the patient in dealing with their treatment as well as their daily lives. The staff at Superior Biologics has extensive experience with a variety of therapies and treatment regimens, catering to the unique needs of patients and families alike. superiorbiologics.com
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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