NEW YORK, Sept. 21, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Healthcare
Finance group, part of the company's Commercial
Finance division, provided a $20
million senior secured credit facility for Protech Home
Medical Corp. (TSXV: PTQ) (OTCQX: PTQQF), a leader in the home
medical equipment industry focused on end-to-end respiratory
care.
Based in Cincinnati, Ohio,
Protech Home Medical provides clients with a broad range of in-home
monitoring and disease management services, including end-to-end
respiratory solutions for patients in the
United States healthcare market. The credit facility will be
used for general corporate purposes, acquisitions and ongoing
business development.
"This senior credit facility with CIT is truly a momentous
moment for Protech and I could not be prouder of the entire team
for their continued hard work that led us to this very significant
moment. With this new credit facility in place, we have added
another tool in our toolbox that will further enable us to take the
company through its next stage of growth with our key objectives in
mind," Greg Crawford, chairman and
CEO of Protech.
"Protech Home Medical is recognized as a leader in the home
medical equipment industry, particularly with regard to respiratory
care," said William Douglass,
managing director and group head for CIT's Healthcare
Finance business. "We were pleased to arrange the financing to
support their continued operations and ongoing business development
objectives."
In connection with the financing, CIT is also providing a
package of treasury management and capital
markets services.
CIT's Healthcare Finance unit, part of its 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, the Healthcare
Finance team 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.
About Protech Home Medical Corp.
The Company provides
in-home monitoring and disease management services including
end-to-end respiratory solutions for patients in the United States healthcare market. It seeks
to continue to expand its offerings to include the management of
several chronic disease states focusing on patients with heart or
pulmonary disease, sleep disorders, reduced mobility and other
chronic health conditions. The primary business objective of the
Company is to create shareholder value by offering a broader range
of services to patients in need of in-home monitoring and chronic
disease management. The Company's organic growth strategy is to
increase annual revenue per patient by offering multiple services
to the same patient, consolidating the patient's services and
making life easier for the patient.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cit-provides-20-million-credit-facility-for-protech-home-medical-301134334.html
SOURCE CIT Group Inc.