CIT Serves as Sole Lead Arranger on $60 Million Financing for Partners Pharmacy
NEW YORK, Aug. 15, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance unit has served as sole lead arranger on a $60 million senior secured credit facility to Partners Pharmacy.
Headquartered in Springfield, N.J., Partners Pharmacy is one of the nation's top providers of pharmacy and infusion services to the senior living facilities, including skilled-nursing facilities, assisted-living facilities, independent living communities, and memory-care facilities.
The proceeds will be used to refinance an existing credit facility and to provide working capital.
"CIT worked closely with us to develop a creative financing strategy to support our strategic growth objectives and continued investment in cutting-edge technology," said Thomas A. McKinney, Executive Vice President and General Counsel, of Partners Pharmacy. "We look forward to our continued growth and success."
"We were pleased to work with Partners Pharmacy, which is well known as a leader in pharmacy and infusion services for the long-term care industry," said William Douglas, managing director and group head for CIT's Healthcare Finance business.
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, Healthcare Finance can tailor its products and services to help clients meet their needs for growth capital.
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, approximately $50 billion in assets as of June 30, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
About Partners Pharmacy
Partners Pharmacy is a long-term care pharmacy provider operating in 16 states. Each Partners location provides the same personalized service through the combined resources of local teams and national resources. Partners collaborates with the communities it serves to improve outcomes, reduce costs, and increase operational efficiencies by the use of propriety technology, allowing our customers to spend more time on direct patient care.
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SOURCE CIT Group Inc.