CIT’s healthcare finance business served as sole lead arranger on $55.5 million in financing for New Day Healthcare. The financing consists of a senior secured loan, a delayed draw term loan and a revolving line of credit.
New Day Healthcare, founded by long-term home care executive G. Scott Herman, partners with home health and hospice providers in the post-acute care arena to care for 7,500 patients across Missouri, Kansas, Illinois and Texas. The company’s businesses include the operations of Texas-based AssistCare, Home Care Partners of Texas and New Age Hospice as well as Midwest-based Phoenix Home Care and Hospice.
“Our team has had a long-term relationship with CIT, who has been one of our instrumental partners building some of the industry’s most significant organizations. We are excited to continue our growth, partnered with CIT, as we seek multiple acquisition opportunities,” Herman, who serves as CEO of New Day Healthcare, said. “We appreciate CIT’s home care expertise and support in arranging this financing.”
“Post-acute care is a vital part of the overall healthcare system,” William Douglass, managing director and group head for CIT’s healthcare finance business, said. “We were pleased to support New Day Healthcare as it expands its portfolio of businesses that serve the market for home care and hospice services.”