Daily News: March 3, 2015

CIT Agents $210MM Epic Acquisition Financing

CIT Corporate Finance, Healthcare served as sole lead arranger, sole bookrunner and administrative agent in a $210 million senior secured credit facility to support Epic Health Services’ acquisition of Loving Care Agency (LCA). Epic is a portfolio company of Webster Capital. Financing was provided by CIT Bank.

This is the third transaction that CIT has led for Epic and Webster Capital. In November 2013, CIT served as sole lead arranger in a $110 million senior secured facility, and in December 2012, CIT served as Sole lead arranger, bookrunner and administrative agent in a $90 million senior secured financing to support Epic’s acquisition of Santé Pediatric Services and AmeriCare.

“We’re thrilled with the acquisition of LCA, one of the nation’s largest independent skilled pediatric home nursing providers,” said Chris Roussos, president and CEO of Epic Health Services. “Through this transaction, we’ve added four more states to our geographic footprint and further strengthened our market position in the Northeast, primarily in Massachusetts, New Jersey and Pennsylvania.”

William Douglass, group head and managing director of CIT Corporate Finance, Healthcare, said, “We’re pleased to lead the financing for this transaction which solidifies Epic’s leadership position in the pediatric market. CIT’s partnership with Epic now encompasses multiple transactions across several years. We’ve enjoyed playing an integral role in the company’s growth.”

Epic Health Services provides pediatric home healthcare throughout Texas. Epic’s services are designed to provide a high quality, lower cost alternative to prolonged hospitalization for medically fragile and chronically ill children from birth through age 21.