Continuum Healthcare obtains $138.5 million credit facility from CIT

By Tali Rackner

Norfolk, Va., Sept. 7 – Continuum Healthcare received a $138.5 million senior secured credit facility via co-lead arranger CIT Healthcare Finance, according to a press release from CIT Group Inc.

The financing will support the refinancing of existing debt and provide working capital, among other uses.

Financing was provided by CIT Bank, NA, the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.

“This financing will support the ongoing delivery of skilled nursing to our residents and continued investment in our facilities,” Continuum principal Eugene Ehrenfeld said in the release.

“We sought out a finance partner that has a solid knowledge base and track record of success in the healthcare sector and could provide a timely execution of the financing. We appreciated CIT’s responsiveness as well as its industry depth, which was evident throughout the transaction. This was a complicated transaction, and CIT was able to execute for us.”

Continuum, through its affiliate companies, owns and operates skilled nursing facilities in New Jersey and Pennsylvania.

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