CIT announced that it arranged and syndicated a $75 million senior secured credit facility to Dallas-based Homecare Homebase, a provider of home health and hospice agency software solutions. Proceeds of the facility will be used to refinance debt and fund a dividend payment to shareholders.
CIT Healthcare served as sole lead arranger, sole bookrunner and administrative agent for the transaction. The financing was provided by CIT Bank, a wholly owned subsidiary of CIT. Terms of the transaction were not disclosed.
“This transaction underscores CIT’s expertise and commitment to the health care sector as well as our ability to structure creative solutions for companies seeking financing,” says Steve Warden, president of CIT Healthcare. “We are pleased to have established a new relationship with Homecare Homebase as we successfully expand our franchise into the Healthcare IT and software sectors.”
April Anthony, chief executive officer of Homecare Homebase, said, “CIT provided a flexible financing structure that both met our goals for partial shareholder liquidity while positioning the company for continued growth. We look forward to building on our relationship with CIT.”