CIT Leads $425 Million Senior Credit Facility for AdaptHealth
Fourth financing in five years supports AdaptHealth's growth plan
NEW YORK, April 29, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business led a $425 million senior credit facility on behalf of AdaptHealth LLC – the latest in a series of CIT-led financings that have supported the company's strong growth trajectory.
Headquartered in Oaks, Pennsylvania, AdaptHealth is a full-service provider of home medical and respiratory equipment that services more than 1 million patients annually across 160 locations in 36 states. The company was formerly known as QMES LLC.
"AdaptHealth's evolution and growth is an extraordinary business success story," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "CIT is proud to have helped power their business growth forward by leading four major financing transactions, each larger than the one before it."
In addition to leveraging its financing and structuring expertise for this transaction, CIT is also providing a comprehensive package of capital markets services and treasury management solutions.
"We greatly appreciate the expertise and agility that CIT has demonstrated in supporting our financing and banking needs as we have continued to expand our customer base and geographic footprint," said AdaptHealth Chief Executive Officer Luke McGee. "It's fair to say our business wouldn't be where it is today without the right financial backing to sustain our progress."
The new financing will be used to support the entry of BlueMountain Capital Management, LLC, a diversified alternative asset manager, as a minority investor, to refinance existing debt, and to provide access to growth capital.
CIT's Healthcare Finance unit, part of the Commercial Finance division, offers comprehensive financing and treasury management services to companies across the healthcare industry. Using a client-focused and industry-centric model, Healthcare Finance tailors its products and services to help clients meet their needs for growth capital.
CIT's Capital Markets team is responsible for structuring, pricing and distributing all financial products originated by CIT. It offers risk management and derivative products, including foreign exchange services, as well as senior debt transactions, interest rate caps and swaps, debt and equity private placements and a variety of other products and services.
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, approximately $50 billion in assets as of March 31, 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 AdaptHealth LLC
AdaptHealth is a full-service home medical equipment and respiratory services company with operations in 36 states. With a network of local operators designed to meet medical professionals and patients in their communities, AdaptHealth offers a breadth of clinically driven products and services that help patients adapt to life in the home including: sleep and respiratory therapy, mobility products, wound care, non-invasive ventilation, and nutrition.
About BlueMountain Capital Management, LLC
BlueMountain Capital Management, LLC ("BlueMountain") is a diversified alternative asset management firm managing more than $18 billion of assets. BlueMountain's diverse team of professionals in New York and London is supported by the firm's institutionalized and proprietary infrastructure, including specialized operations and risk management technology. For more information about BlueMountain, please visit: www.bluemountaincapital.com.
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SOURCE CIT Group Inc.
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