CIT Provides $20 Million Credit Facility for Protech Home Medical

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced a $20 million senior secured credit facility for Protech Home Medical Corp. (TSXV: PTQ), a leader in home medical equipment focused on respiratory care. The funds will support Protech's general corporate needs, acquisitions, and ongoing business development. Protech aims to enhance its service range and market position in in-home monitoring and disease management. CIT's Healthcare Finance unit continues to provide tailored financing to middle market healthcare companies across the U.S.

Positive

• CIT provided a $20 million credit facility to support Protech's growth.
• Protech Home Medical is recognized as a leader in home medical equipment.
• Funds will be used for acquisitions and business development.

Negative

• None.

NEW YORK, Sept. 21, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance group, part of the company's Commercial Finance division, provided a $20 million senior secured credit facility for Protech Home Medical Corp. (TSXV: PTQ) (OTCQX: PTQQF), a leader in the home medical equipment industry focused on end-to-end respiratory care.

Based in Cincinnati, Ohio, Protech Home Medical provides clients with a broad range of in-home monitoring and disease management services, including end-to-end respiratory solutions for patients in the United States healthcare market. The credit facility will be used for general corporate purposes, acquisitions and ongoing business development.

"This senior credit facility with CIT is truly a momentous moment for Protech and I could not be prouder of the entire team for their continued hard work that led us to this very significant moment. With this new credit facility in place, we have added another tool in our toolbox that will further enable us to take the company through its next stage of growth with our key objectives in mind," Greg Crawford, chairman and CEO of Protech.

"Protech Home Medical is recognized as a leader in the home medical equipment industry, particularly with regard to respiratory care," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We were pleased to arrange the financing to support their continued operations and ongoing business development objectives."

In connection with the financing, CIT is also providing a package of treasury management and capital markets services.

CIT's Healthcare Finance unit, part of its Commercial Finance division, 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 can tailor 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.

About Protech Home Medical Corp.
The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company's organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services and making life easier for the patient.

MEDIA RELATIONS: 
John M. Moran
212-461-5507
john.moran@cit.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/cit-provides-20-million-credit-facility-for-protech-home-medical-301134334.html

SOURCE CIT Group Inc.

FAQ

What is the significance of CIT providing a $20 million credit facility to Protech Home Medical?

The credit facility supports Protech's growth objectives, enabling them to enhance services and potentially increase market share.

How will Protech Home Medical utilize the $20 million credit facility from CIT?

Protech will use the funds for general corporate purposes, acquisitions, and ongoing business development.

What does Protech Home Medical specialize in?

Protech specializes in home medical equipment, particularly in end-to-end respiratory care and in-home monitoring services.

What is CIT Group Inc.'s role in the healthcare finance sector?

CIT Group provides tailored financing solutions to middle market healthcare companies, enhancing their operations and growth.

When was the credit facility for Protech Home Medical announced?

The credit facility was announced on September 21, 2020.

What are Protech Home Medical's business development objectives?

Protech aims to expand its range of services for in-home monitoring and chronic disease management.