NEW YORK, Dec. 1, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Healthcare
Finance group, part of the company's Commercial
Finance division, has arranged a $75
million senior secured asset-based credit facility on behalf
of One Call Corporation, a leading service provider to the workers'
compensation industry.
Based in Jacksonville, Florida,
One Call provides ancillary services
to the workers' compensation industry by connecting injured workers
with quality provider networks across a multitude of health care
services.
The asset-based credit facility was provided to a newly created
entity of One Call, which is owned
by global investment firms KKR, Blackstone
Credit, and Chatham Asset Management. The facility will be
used for general corporate purposes and ongoing business
development.
"This new credit facility further strengthens what was already a
very strong liquidity position and provides us additional financial
flexibility as we continue our mission of getting injured workers
the care they need when they need it," said One Call Chief Financial Officer Fred Pensotti. "We appreciated CIT's expertise
in the healthcare industry and its agility in arranging this
financing."
"One Call is a recognized leader
in providing exceptional service and clinical expertise to the
workers' compensation industry," said William Douglass, managing director and group
head for CIT's Healthcare Finance business. "We listened
closely to One Call's needs and were
pleased to develop financing to support their ongoing business
operations and growth objectives."
In connection with the financing, CIT also provided treasury
management and capital markets services.
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, the Healthcare Finance team tailors 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
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SOURCE CIT Group Inc.