CIT Arranges $75 Million Credit Facility for One Call Corporation
Dec 01, 2020, 09:00 ET
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
[email protected]
SOURCE CIT Group Inc.
