NEW YORK, Nov. 4, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Healthcare
Finance business served as sole lead arranger on $55.5 million in financing for New Day
Healthcare.
New Day Healthcare, founded by long term home care executive G.
Scott Herman, partners with
market-leading home health and hospice providers in the post-acute
care arena to care for 7,500 patients across Missouri, Kansas, Illinois and Texas. Businesses include the operations of
Texas-based AssistCare, Home Care
Partners of Texas and New Age
Hospice as well as Midwest-based Phoenix Home Care and Hospice.
The financing consists of a senior secured loan, a delayed draw
term loan and a revolving line of credit.
"Our team has had a long term relationship with CIT, who has
been one of our instrumental partners building some of the
industry's most significant organizations. We are excited to
continue our growth, partnered with CIT, as we seek multiple
acquisition opportunities," said G. Scott
Herman, Founder/CEO of New Day Healthcare. "We appreciate
CIT's home care expertise and support in arranging this
financing."
"Post-acute care is a vital part of the overall healthcare
system," said William Douglass,
managing director and group head for CIT's Healthcare
Finance business. "We were pleased to support New Day
Healthcare as it expands its portfolio of businesses that serve the
market for home care and hospice services."
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.
About CIT
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.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cit-arranges-55-5-million-financing-for-home-care-and-hospice-provider-new-day-health-care-301416397.html
SOURCE CIT Group Inc.