CIT Arranges $55.5 Million Financing for Home Care and Hospice Provider New Day Health Care
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.
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John M. Moran
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SOURCE CIT Group Inc.
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