Daily News: May 28, 2014

CIT Arranges Financing for Wellspring Capital Investment

CIT Group announced that it served as joint lead arranger in a $92 million senior secured credit facility to support Wellspring Capital Management’s strategic investment in Great Lakes Caring, an independent provider of home health and hospice services in the Midwest.

CIT Corporate Finance, Healthcare served as joint lead arranger, joint bookrunner and syndication agent for the transaction. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

“We are pleased to leverage our expertise in strategic finance and home health services to support Wellspring’s investment in Great Lakes,” said William Douglass, managing director and group head of CIT Corporate Finance, Healthcare. “We are excited to continue our long-standing relationship with Great Lakes as it enters its next phase of growth and look forward to broadening our partnership with Wellspring.”

Alexander E. Carles, a managing partner of Wellspring Capital Management, said, “Great Lakes Caring is an excellent addition to our portfolio given its market leadership and commitment to the highest quality of care. As we pursued this investment, CIT collaborated closely with us to structure a competitive financing proposal and execute on the transaction.”