New York, September 19, 2022 /PRNewswire/ — CIT, a division of First Citizens Bank, today announced that its healthcare finance business $110 million on a senior secured line of credit to Quipt Home Medical Corp.
Head office location Cincinnati, OhioQuipt is a leader in the home medical device industry, focused on home monitoring and disease control services, including end-to-end respiratory solutions.
Funding consists of a delayed draw term loan and a revolving credit facility. Proceeds will be used to refinance existing debt and provide capital for future growth, including acquisitions. CIT acted as managing agent and sole lead her arranger.
“We believe this funding will demonstrate the strength of our business model and allow us to continue pursuing our aggressive growth strategy.” Greg Crawford, Chairman and CEO of Quipt. “In addition, we continue to source opportunities usa We believe that having access to meaningful additional capital in an attractive market will allow us to capitalize on opportunities as they arise. As always, we will remain very disciplined in our capital allocation strategy and maintain a very healthy balance sheet with a conservative leverage structure. “
“We value CIT’s agility and deep industry knowledge in arranging this financing package that understands our needs and enables us to optimize our financial performance and shareholder value.” hardik meterCFO of Quipt.
“Quipt is the undisputed leader in home respiratory solutions for patients in the United States and is poised to continue expanding its offerings and geographic reach.” William DouglasManaging Director and Group Head of CIT Healthcare Finance.
“We have worked to support Quipt’s funding needs in the past, and we want this latest priority collateral to enable them to continue to successfully pursue their ambitious business goals. We are pleased to be able to arrange funding with you. Michael CoyleyManaging Director of CIT Healthcare Finance.
CIT’s Healthcare Finance business provides comprehensive financing and banking solutions to healthcare companies nationwide. By using a client-centric, industry-centric model, Healthcare Finance can tailor products and services to help clients meet their capital needs.
About CIT
CIT is a division of First Citizens Bank, America’s largest family-owned bank. usa, carries a unique legacy of strength, stability and long-term thinking for generations. The parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution and $100 billion in assets. The Company’s Commercial His Banking segment provides a wide range of best-in-class lending, leasing and banking services to mid-market and small businesses across the country. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high growth markets. Industry specialists bring deep expertise to help businesses and individuals achieve their specific goals at every stage of their financial journey. For more information, visit cit.com/firstcitizens.
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SOURCE CIT, a division of First Citizens Bank
