CIT Group Inc. announced that CIT Healthcare Finance served as Co-Lead Arranger for a $138.5 million senior secured credit facility to Continuum Healthcare, which, through its affiliate companies, owns and operates skilled nursing facilities (SNFs) in New Jersey and Pennsylvania. The financing will support the refinancing of existing debt and provide working capital, among other uses. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Eugene Ehrenfeld, Principal, Continuum Healthcare, said, “This financing will support the ongoing delivery of skilled nursing to our residents and continued investment in our facilities. We sought out a finance partner that has a solid knowledge base and track record of success in the healthcare sector and could provide a timely execution of the financing. We appreciated CIT’s responsiveness as well as its industry depth, which was evident throughout the transaction. This was a complicated transaction, and CIT was able to execute for us.”
William Douglass, Group Head and Managing Director, CIT Healthcare Finance, said, “Continuum is led by an experienced and sophisticated management team with a proven track record in the healthcare sector. They have shown the ability to advance an effective acquisition strategy and optimize the operations of their facilities. In addition, with the aging of the U.S. population, demand for skilled nursing is expected to continue to grow in the years ahead.”
Michael Coiley, Managing Director, CIT Healthcare Finance, said, “We worked closely with Continuum to better understand their wants and needs and developed a flexible and creative financing solution that supported their goals for this transaction. We are glad that we were able to provide financing to Continuum and look forward to working with them again.”
Founded in 2012, Continuum Healthcare, LLC, through its affiliate companies, both owns and operates Skilled Nursing Facilities (SNFs) in New Jersey and Pennsylvania, representing more than 1,000 total beds. SNF services provided at Continuum’s facilities include short-term rehab and long-term care, as well as programs customized to specific patient needs, such as orthopedic, cardiac, neurological, pulmonary and other complex conditions.