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CIT Serves as Sole Lead Arranger on $60MM Financing for Partners Pharmacy

August 16, 2019, 09:00 AM
Filed Under: Healthcare

CIT Group Inc. 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.

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