CIT Arranges $75 Million Credit Facility for One Call Corporation
CIT Group Inc. (NYSE: CIT) announced a $75 million senior secured asset-based credit facility for One Call Corporation, a prominent service provider in the workers' compensation sector. This facility aims to bolster One Call's liquidity and support its ongoing business development. The financing, arranged by CIT's Healthcare Finance group, will be utilized for general corporate purposes. One Call, owned by investment firms KKR, Blackstone Credit, and Chatham Asset Management, enhances its operational capacity with this partnership, receiving additionally treasury management and capital markets services from CIT.
- CIT arranged a $75 million credit facility for One Call Corporation, enhancing liquidity.
- The financing will support One Call's ongoing business development activities.
- CIT's Healthcare Finance group leverages expertise in the healthcare sector to provide tailored financial solutions.
- None.
NEW YORK, Dec. 1, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance group, part of the company's Commercial Finance division, has arranged a
Based in Jacksonville, Florida, One Call provides ancillary services to the workers' compensation industry by connecting injured workers with quality provider networks across a multitude of health care services.
The asset-based credit facility was provided to a newly created entity of One Call, which is owned by global investment firms KKR, Blackstone Credit, and Chatham Asset Management. The facility will be used for general corporate purposes and ongoing business development.
"This new credit facility further strengthens what was already a very strong liquidity position and provides us additional financial flexibility as we continue our mission of getting injured workers the care they need when they need it," said One Call Chief Financial Officer Fred Pensotti. "We appreciated CIT's expertise in the healthcare industry and its agility in arranging this financing."
"One Call is a recognized leader in providing exceptional service and clinical expertise to the workers' compensation industry," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We listened closely to One Call's needs and were pleased to develop financing to support their ongoing business operations and growth objectives."
In connection with the financing, CIT also provided treasury management and capital markets services.
CIT's Healthcare Finance unit provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, the Healthcare Finance team tailors its products and services to help clients meet their needs for growth capital.
About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
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John M. Moran
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SOURCE CIT Group Inc.
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