CIT Arranges Financing for Medsurant Holdings
CIT said it has arranged and syndicated a senior secured credit facility to support the growth strategy of Dallas-based Medsurant Holdings, a provider of outsourced intraoperative monitoring services for hospitals and physicians, monitoring high-risk spinal, cranial, otolaryngology and cardiovascular procedures. Proceeds of the transaction were used to refinance existing debt and finance an acquisition.
CIT Healthcare served as sole lead arranger, sole bookrunner and administrative agent for the transaction. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
“This transaction demonstrates CIT’s understanding of the evolving healthcare marketplace as traditional healthcare service providers increasingly outsource specialized functions that they view as a non-core competency,” said Steve Warden, president of CIT Healthcare. “This financing helps Medsurant expand its geographic and service footprint and we look forward to further supporting the company’s growth objectives.”
Lonnie Busby, chief executive officer of Medsurant, said, “CIT demonstrated both a fundamental understanding of our business and the value proposition that we bring to our clients, as well as the ability to get the transaction done in a changing industry landscape. We are pleased to have CIT as a partner as we continue to drive the growth of our business.”