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CIT Leads $425MM Senior Credit Facility for AdaptHealth

April 30, 2019, 09:00 AM
Filed Under: Healthcare

CIT Group Inc. 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.

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