Cornerstone Healthcare Group Holdings Inc. and its long-term acute care hospital segment recently received $100 million in financing from CIT Group Inc.’s Healthcare Finance business.
The funds will be used to refinance existing debt, meet working capital requirements, and for other general company reasons. CIT is also providing a suite of cash management and capital markets services in conjunction with the transaction. The transaction combined multiple financings into a single solution, resulting in a more efficient execution.
Created in 1990, Cornerstone Healthcare Group is a diversified healthcare firm in Dallas, Texas, that administers a network of specialized hospitals, senior living communities, behavioral health institutions, and home health and hospice operations. With 17 specialty hospitals around the country, Cornerstone is the fifth largest long-term acute care hospital operator.
