CIT Serves as Lead Arranger in Financing for Medsurant Holdings
by Business Wire
CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it arranged and syndicated a senior secured credit facility to support the growth strategy of Dallas-based Medsurant Holdings. The company is one of the nation’s leading providers of outsourced intraoperative monitoring services for hospitals and physicians, monitoring high-risk spinal, cranial, otolaryngology and cardiovascular procedures. Proceeds of the transaction were used to refinance existing debt and finance an acquisition.
CIT Healthcare served as Sole Lead Arranger, Sole Bookrunner and Administrative Agent for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This transaction demonstrates CIT’s understanding of the evolving healthcare marketplace as traditional healthcare service providers increasingly outsource specialized functions that they view as a non-core competency,” said Steve Warden, President of CIT Healthcare. “This financing helps Medsurant expand its geographic and service footprint and we look forward to further supporting the company’s growth objectives.”
Lonnie Busby, Chief Executive Officer of Medsurant, said, “CIT demonstrated both a fundamental understanding of our business and the value proposition that we bring to our clients, as well as the ability to get the transaction done in a changing industry landscape. We are pleased to have CIT as a partner as we continue to drive the growth of our business.”
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Medsurant is a leading provider of outsourced IOM services for hospitals and physicians, monitoring high-risk procedures where the brain, spinal cord, and/or nerve roots are potentially at risk. IOM services reduce the risk of nerve damage during surgery and thereby lead to better surgical outcomes for patients and reduced liability for surgeons, hospitals, and payors. The Company’s operating businesses are deeply entrenched within their markets and have amassed long and successful operating track records of efficiently serving client needs. medsurantmonitoring.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of December 31, 2012, it had $9.6 billion of deposits and $12.2 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. cit.com/citbank
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com