CIT Leads $135.6 Million Financing for Superior Biologics
CIT, a division of First Citizens Bank, has arranged $135.6 million in financing for Superior Biologics Inc. This financing package, which consists of a term loan and a revolving line of credit, aims to refinance existing debt, fund a shareholder dividend, provide working capital, and support growth initiatives. Superior Biologics provides specialty pharmacy and home infusion therapy services, operating seven accredited pharmacies across the U.S. and serving patients in 43 states.
- CIT secured a significant $135.6 million financing package for Superior Biologics to support growth initiatives.
- The financing will help refinance existing debt and provide working capital, positioning Superior Biologics for potential expansion.
- The need for refinancing indicates existing debt burdens that may affect financial stability.
- Funding a shareholder dividend could limit cash reserves needed for operational improvements or expansion.
NEW YORK, Dec. 1, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business served as lead arranger of
Headquartered in Sharon Hill, Pennsylvania, Superior Biologics is a leading provider of specialty pharmacy and home infusion therapy services to patients contending with a wide variety of chronic illnesses. It currently operates seven accredited pharmacies across the U.S., serving patients in 43 states and having the capability to dispense medications in all 50 states.
The financing, which consists of a term loan and a revolving line of credit, will be used to refinance existing debt, fund a shareholder dividend, provide working capital and support growth initiatives.
"Our innovative and cost-effective pharmacy and in-home nursing infusion services help lead to optimal therapeutic outcomes and best-in-class patient results," said Ray Mirra, founder and CEO of Superior Biologics. "We appreciated CIT's agility and expertise in arranging financing that supports our business objectives."
"We were pleased to again support Superior Biologics with another financing package tailored to advance their business goals," said William Douglass, managing director and group head for CIT's Healthcare Finance business.
"We always work closely with Superior Biologics to understand their needs," said David Gibbs, a managing director in Healthcare Finance. "It is a pleasure to work with smart and successful companies and we look forward to continuing our association in the future."
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, Healthcare Finance can tailor its products and services to help clients meet their needs for capital.
About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/cit-leads-135-6-million-financing-for-superior-biologics-301690587.html
SOURCE CIT, a division of First Citizens Bank
FAQ
What was the purpose of the $135.6 million financing arranged by CIT for Superior Biologics?
How many pharmacies does Superior Biologics operate?
In how many states does Superior Biologics serve patients?
What financial products were included in CIT's financing for Superior Biologics?
What kind of services does Superior Biologics provide?
