CIT Group announced that CIT Healthcare Finance served as Sole Lead Arranger and Administrative Agent for a $50 million senior secured credit facility to Superior Biologics, a leading home infusion and specialty pharmacy provider offering services to pediatric and adult populations suffering from chronic illnesses. The financing will be used to refinance existing debt, provide general working capital and support a shareholder dividend. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Mark Kovinsky, Chief Executive Officer, Superior Biologics, said, “We differentiate ourselves from competitors through a high-touch clinical care model that addresses the unique medical, psychological and social needs of our patients. We deploy a multidisciplinary care team that creates specialized treatment programs tailored to each individual patient. This financing will help us continue to deliver excellent service to our patients while further strengthening our relationships with leading physicians and insurance providers. CIT’s healthcare knowledge and flexible approach were essential to the successful execution of the transaction.”
William Douglass, Group Head and Managing Director, CIT Healthcare Finance, said, “The home infusion/specialty pharmacy sector is supported by strong industry fundamentals, including an aging population, the shift of care to lower-cost settings, and expanded insurance coverage. The Superior Biologics management team has a successful track record of serving an essential population utilizing a patient-centric approach.”
Manesh Chandwani, Vice President, CIT Healthcare Finance, said, “Superior Biologics is led by a high-quality management team with significant experience in the infusion industry. Superior Biologics’ senior management has proven its ability to maintain a high-quality platform while achieving substantial growth through organic initiatives. CIT is pleased to provide financing to this high-performing company and continue to build our relationship with their strong management team.”