NEW YORK , Dec. 1, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business served as lead arranger of $135.6 million in financing for Superior Biologics Inc.
Headquartered in Sharon Hill, Pennsylvania, Superior Biologics is a leading provider of specialty pharmacy and home infusion therapy services to patients contending with a wide variety of chronic illnesses. It currently operates seven accredited pharmacies across the U.S., serving patients in 43 states and having the capability to dispense medications in all 50 states.
The financing, which consists of a term loan and a revolving line of credit, will be used to refinance existing debt, fund a shareholder dividend, provide working capital and support growth initiatives.
"Our innovative and cost-effective pharmacy and in-home nursing infusion services help lead to optimal therapeutic outcomes and best-in-class patient results," said Ray Mirra, founder and CEO of Superior Biologics. "We appreciated CIT's agility and expertise in arranging financing that supports our business objectives."
"We were pleased to again support Superior Biologics with another financing package tailored to advance their business goals," said William Douglass, managing director and group head for CIT's Healthcare Finance business.
"We always work closely with Superior Biologics to understand their needs," said David Gibbs, a managing director in Healthcare Finance. "It is a pleasure to work with smart and successful companies and we look forward to continuing our association in the future."
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 capital.
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
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SOURCE CIT, a division of First Citizens Bank