CIT Arranges Revolving Credit Facility for Ernest Health
CIT Group announced that CIT Healthcare arranged a $20 million senior secured asset-based revolving credit facility for Ernest Health, an operator of inpatient rehabilitation and long-term acute care hospitals.
Ernest Health is owned by a joint venture between Ernest Health’s management team and Medical Properties Trust, a Birmingham, AL-based self-advised real estate investment trust. Financing was provided by CIT Bank, a wholly owned subsidiary of CIT. Terms of the transaction were not disclosed.
“This transaction demonstrates CIT Healthcare’s continued support of Ernest’s growth strategy and is reflective of the partnership approach we take with our clients,” said Steve Warden, president of CIT Healthcare.
Michael Coiley, business leader for CIT Healthcare’s asset-based unit, said, “We are pleased that we were able to assist the management of Ernest and Medical Properties Trust by providing a creative financing solution.”
Darby Brockette, chief executive officer of Ernest Health, said, “We’ve conducted multiple transactions with CIT over the years and their execution here was flawless. We have found their expertise and advice of great value to our business. This facility will provide additional capital to allow us to continue to provide best-in-class rehabilitation and patient care to previously underserved communities across the United States.”