CIT Provides Acquisition Financing To American Medical Systems
July 21 2006 - 9:30AM
PR Newswire (US)
American Medical Systems Acquires Laserscope For $715 Million NEW
YORK, July 21 /PRNewswire-FirstCall/ -- CIT Group Inc. (NYSE:CIT),
a leading global provider of commercial and consumer finance
solutions, today announced that it provided financing to American
Medical Systems Holdings, Inc. (NASDAQ:AMMD), the global leader in
providing pelvic health solutions to urologists and gynecologists,
in its $715 million acquisition of Laserscope (NASDAQ:LSCP), a
developer of minimally invasive medical devices including medical
lasers and fiber-optic products. CIT Healthcare provided a $430
million Senior Secured credit facility as part of a $615 million
fully underwritten commitment to finance AMS' acquisition of
Laserscope. CIT also advised AMS through the ratings agency process
enabling it to obtain optimal pricing and distribution. Flint
Besecker, president of CIT Healthcare, said, "CIT is pleased to
have provided financing for AMS' acquisition of Laserscope. This
transaction highlights our ability to provide customized financing
solutions and counsel throughout the acquisition process. As a
result, we were able to work with AMS, from start to finish,
through a highly competitive auction process to successfully
complete this strategic acquisition." Martin J. Emerson, president
and CEO of American Medical Systems, said, "This acquisition
represents a truly strategic investment for AMS and we are pleased
to have partnered with CIT to complete the senior financing. The
combined company is a great match of technology with a superior
sales platform that will provide long-term benefits for our
shareholders. The global reach of the combined sales force will be
uniquely positioned to capitalize on Laserscope's superior
technology and market position, building further on AMS' reputation
with urologists." About CIT CIT Group Inc. (NYSE:CIT), a leading
commercial and consumer finance company, provides clients with
financing and leasing products and advisory services. Founded in
1908, CIT has $68 billion in managed assets and possesses the
financial resources, industry expertise and product knowledge to
serve the needs of clients across approximately 30 industries
worldwide. CIT, a Fortune 500 company and a member of the S&P
500 Index, holds leading positions in vendor financing, factoring,
equipment and transportation financing, Small Business
Administration loans, and asset-based lending. With its global
headquarters in New York City, CIT has more than 7,000 employees in
locations throughout North America, Europe, Latin America, and the
Pacific Rim. http://www.cit.com/. About American Medical Systems
American Medical Systems, headquartered in Minnetonka, Minnesota is
a diversified supplier of medical devices and procedures to cure
erectile dysfunction, benign prostatic hyperplasia, incontinence,
menorrhagia, prolapse and other pelvic disorders in men and women.
These disorders can significantly diminish one's quality of life
and profoundly affect social relationships. In recent years, the
number of people seeking treatment has increased markedly as a
result of longer lives, higher quality-of-life expectations and
greater awareness of new treatment alternatives. American Medical
Systems' products reduce or eliminate the incapacitating effects of
these diseases, often through minimally invasive therapies. The
Company's products were used to provide approximately 170,000
patient cures in 56 countries during 2005.
http://www.americanmedicalsystems.com/. About Laserscope Laserscope
designs, manufactures, sells and services an advanced line of
minimally invasive medical products worldwide including medical
laser systems and related energy delivery devices for the office,
outpatient surgical center, and hospital markets.
http://www.laserscope.com/ CONTACT: CIT MEDIA RELATIONS: C. Curtis
Ritter Director of External Communications & Media Relations
(212) 771-9603 American Medical Systems Holdings, Inc. Carmen
Diersen (952) 930-6495
http://www.newscom.com/cgi-bin/prnh/20041004/NYM003LOGO
http://photoarchive.ap.org/ DATASOURCE: CIT Group Inc. CONTACT: CIT
Media Relations: C. Curtis Ritter, Director of External
Communications & Media Relations, +1-212-771-9603, ; or Carmen
Diersen of American Medical Systems Holdings, Inc.,
+1-952-930-6495, Web site: http://www.cit.com/
http://www.laserscope.com/ http://www.americanmedicalsystems.com/
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