NEW YORK, July 28, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as lead arranger of $100 million in financing for Cornerstone Healthcare Group Holdings Inc. and their long-term acute care hospital division.
Based in Dallas and founded in 1990, Cornerstone Healthcare Group is a diversified healthcare company that manages a network of specialty hospitals, senior living communities, behavioral health facilities, and home health and hospice operations.
Cornerstone is the fifth largest long-term acute care hospital operator, with 17 specialty hospitals nationwide. These facilities provide high-quality care for patients in need of longer medical stays due to multiple and/or complex medical conditions.
Proceeds from the financing will be used to refinance existing debt, provide for working capital requirements and for general corporate purposes. In connection with the financing, CIT is providing a package of cash management and capital markets services.
"We are committed to providing quality patient care in today's dynamic medical environment," said Steve Jakubcanin, President and CEO of Cornerstone Healthcare. "We appreciated CIT's macro healthcare knowledge and sub-sector expertise in arranging this financing to help us continue our growth strategy. Their financing solution was creative, enabling us to combine multiple financings into a single solution, resulting in more efficient execution."
"Over more than three decades, Cornerstone Healthcare has built an outstanding reputation for excellence in operating medical facilities," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "They play an important role in the post-acute world and their focus on helping transition those critically ill patients from the hospital back home is a vital component in the healthcare ecosystem."
CIT's Healthcare Finance unit, part of the Commercial Finance division, 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.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
SOURCE CIT Group Inc.