CIT Serves as Lead Arranger and Administrative Agent in $75 Million Financing to Homecare Homebase
IT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it arranged and syndicated a $75 million senior secured credit facility to Dallas-based Homecare Homebase, a leading 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 wesuccessfully 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.”
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About Homecare Homebase, LLC
Homecare Homebase, based in Dallas, Texas, is a leading healthcare software company serving the technology needs of the fast growing homecare and hospice industry. Homecare Homebase offers a comprehensive integrated web-based software solution to improve the clinical, operational and financial success of homecare and hospice agencies. Homecare Homebase enables real-time, wireless information exchange and communication between office staff, field staff and physicians; automates workflow processes; enables accurate billing through numerous integrated checks and balances; and, provides powerful management reporting via a back-office data analysis tool that ties together all agency operational information. Founded by industry veterans in 1999, every aspect of the Homecare Homebase system was developed to be user-friendly, flexible and customizable to specific agency needs. hchb.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2012, it had $8.6 billion of deposits and $11.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com