CIT Serves as Co-Lead Arranger for $138.5 Million Financing for Continuum Healthcare
07 September 2016 - 10:30PM
Business Wire
- Continuum Healthcare, Through Its
Affiliate Companies, Owns and Operates Skilled Nursing Facilities
in NJ and PA
- Services Provided Include Short-Term
Rehabilitation and Long-Term Care as well as Customized Programs
for Specific Patient Needs
CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Healthcare Finance served as Co-Lead Arranger for a $138.5 million
senior secured credit facility to Continuum Healthcare, which,
through its affiliate companies, owns and operates skilled nursing
facilities (SNFs) in New Jersey and Pennsylvania. The financing
will support the refinancing of existing debt and provide working
capital, among other uses. Financing was provided by CIT Bank,
N.A., the principal bank subsidiary of CIT. Terms of the
transaction were not disclosed.
Eugene Ehrenfeld, Principal, Continuum Healthcare, said, “This
financing will support the ongoing delivery of skilled nursing to
our residents and continued investment in our facilities. We sought
out a finance partner that has a solid knowledge base and track
record of success in the healthcare sector and could provide a
timely execution of the financing. We appreciated CIT’s
responsiveness as well as its industry depth, which was evident
throughout the transaction. This was a complicated transaction, and
CIT was able to execute for us.”
William Douglass, Group Head and Managing Director, CIT
Healthcare Finance, said, “Continuum is led by an experienced and
sophisticated management team with a proven track record in the
healthcare sector. They have shown the ability to advance an
effective acquisition strategy and optimize the operations of their
facilities. In addition, with the aging of the U.S. population,
demand for skilled nursing is expected to continue to grow in the
years ahead.”
Michael Coiley, Managing Director, CIT Healthcare Finance, said,
“We worked closely with Continuum to better understand their wants
and needs and developed a flexible and creative financing solution
that supported their goals for this transaction. We are glad that
we were able to provide financing to Continuum and look forward to
working with them again.”
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About Continuum Healthcare
Founded in 2012, Continuum Healthcare, LLC, through its
affiliate companies, both owns and operates Skilled Nursing
Facilities (SNFs) in New Jersey and Pennsylvania, representing more
than 1,000 total beds. SNF services provided at Continuum’s
facilities include short-term rehab and long-term care, as well as
programs customized to specific patient needs, such as orthopedic,
cardiac, neurological, pulmonary and other complex conditions.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing and advisory services
principally to middle market companies across a wide variety of
industries primarily in North America, and equipment financing and
leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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CIT MEDIA RELATIONS:Matt Klein, 973-597-2020Director,
Media RelationsMatt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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