CIT Arranges $105MM Facility for Hospice Compassus
CIT said it arranged and syndicated a $105 million senior secured credit facility for Nashville-based Hospice Compassus, a 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. 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 six 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.”