NEW YORK, July 28, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Healthcare
Finance business served as lead arranger of $100 million in financing for Cornerstone
Healthcare Group Holdings Inc. and their long-term acute care
hospital division.
Based in Dallas and founded in
1990, Cornerstone Healthcare Group is a diversified healthcare
company that manages a network of specialty hospitals, senior
living communities, behavioral health facilities, and home health
and hospice operations.
Cornerstone is the fifth largest long-term acute care hospital
operator, with 17 specialty hospitals nationwide. These facilities
provide high-quality care for patients in need of longer medical
stays due to multiple and/or complex medical conditions.
Proceeds from the financing will be used to refinance existing
debt, provide for working capital requirements and for general
corporate purposes. In connection with the financing, CIT is
providing a package of cash management and capital
markets services.
"We are committed to providing quality patient care in today's
dynamic medical environment," said Steve
Jakubcanin, President and CEO of Cornerstone Healthcare. "We
appreciated CIT's macro healthcare knowledge and sub-sector
expertise in arranging this financing to help us continue our
growth strategy. Their financing solution was creative, enabling us
to combine multiple financings into a single solution, resulting in
more efficient execution."
"Over more than three decades, Cornerstone Healthcare has built
an outstanding reputation for excellence in operating medical
facilities," said William Douglass,
managing director and group head for CIT's Healthcare
Finance business. "They play an important role in the
post-acute world and their focus on helping transition those
critically ill patients from the hospital back home is a vital
component in the healthcare ecosystem."
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
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SOURCE CIT Group Inc.