NEW YORK–(CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today launched “CIT: Behind the Deal” (cit.com/behindthedeal), a series of client case study testimonial videos that showcase how the lending, leasing, and advisory expertise of CIT executives has helped their clients achieve success.)–
“It ultimately comes down to two people that run organizations that understand they have a deal and a responsibility to each other, and Steve said we won’t let you down. The deal was oversubscribed. His team received more interest in investing in Ernest Health than we needed at the time.”
The inaugural “CIT: Behind the Deal” video features Ernest Health, one of the nation’s leading operators of inpatient rehabilitation and long-term acute care hospitals, and CIT Healthcare client. The video examines how CIT Healthcare arranged and syndicated a $204 million senior secured credit facility to support the refinancing of Ernest Health.
In the video, Ernest Health CEO Darby Brockette comments: “CIT stepped up in such a way that they not only understood what our growth potential was, but they came to our hospitals and walked around, and met the management team of each hospital. They knew our story.”
In describing the financing, Steven Warden, President of CIT Healthcare, adds: “We knew that their capital structure was holding back their growth. We thought about what their right financing structure should look like and who the right investors would be to help the company expand. When we took the company to market, we managed a successful $204 million financing, which accommodated the company’s development and diversified its investor base.”
Mr. Brockette concludes: “It ultimately comes down to two people that run organizations that understand they have a deal and a responsibility to each other, and Steve said we won’t let you down. The deal was oversubscribed. His team received more interest in investing in Ernest Health than we needed at the time.”
“CIT: Behind the Deal” is the latest thought leadership initiative developed by CIT to highlight CIT executives’ deep industry expertise and strong relationships. Individuals can also view and listen to exclusive interviews with CIT executives from CIT’s award-winning CIT Executive Insights Video and Podcast Series at cit.com/executiveinsights.
About Ernest Health
Ernest Health, headquartered in Albuquerque, New Mexico, is a leading provider of post-acute care services in underserved, high-growth markets throughout the Rocky Mountain and Sun Belt regions. The company owns and operates 16 state-of-the-art inpatient rehabilitation facilities and long-term acute care hospitals across nine states. ernesthealth.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million 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 online savings options designed to help customers achieve a range of financial goals. cit.com
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