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CIT Bank closes $300 million dividend recapitalization and senior loans refinance for a sponsor-backed durable medical equipment company

CIT Bank (a division of First-Citizens Bank & Trust Company) closed a dividend recapitalization and refinancing of existing senior loans for a sponsor-backed durable medical equipment company. A $300 million term loan was funded at closing, with a $75 million revolving loan commitment, $50 million delayed draw term loan commitment, and an uncommitted accordion for a $100 million incremental term loan increase and a $15 million incremental revolving loan increase.

Waller represented CIT Bank as administrative agent and a lender in negotiating, documenting and closing the dividend recapitalization and senior loans refinancing. The transaction involved extensive finance, healthcare and healthcare regulatory due diligence.

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