FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


CIT Serves as Sole Lead Arranger in $105MM Financing for Hospice Compassus

February 13, 2013, 08:32 AM

CIT Group Inc. announced that it arranged and syndicated a $105 million senior secured credit facility for Nashville-based Hospice Compassus, the nation’s largest private independent provider of hospice services across 14 states. Proceeds of the facility were used to refinance senior and subordinated debt, fund ongoing working capital and support the company’s growth strategy.

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. Fifth Third Bank and RBS Citizens served as the syndication agent and documentation agent, respectively, on the transaction.

“This transaction underscores CIT’s deep industry expertise in the home health and hospice sector in addition to our ability to provide creative financing solutions to support our client’s growth objectives,” said Steve Warden, president of CIT Healthcare. “We take pride in our strong client relationships and have served as a finance partner to Hospice Compassus over the past 6 years to support their growth strategy.”

Jim Deal, chief executive officer of Hospice Compassus, said, “CIT provided a flexible and competitive financing structure that enabled us to reduce our overall cost of debt while positioning our company for continued growth. We look forward to building on our partnership with both CIT and the bank group that supported the transaction.”

Nashville-based Hospice Compassus is the nation’s largest private independent hospice platform. The company has 32 programs and 65 locations throughout 14 states. The company’s caregivers play an integral role in healthcare by providing cost-effective care that enhances the quality of lives of terminally ill patients and their family members.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.