NEW YORK, Sept. 13, 2018 /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.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of June 30, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. 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. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
SOURCE CIT Group Inc.