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CIT Healthcare Arranges $26.5MM Financing for Webster Capital

September 16, 2015, 07:00 AM
Filed Under: Pharmaceuticals

CIT Group announced that CIT Healthcare Finance served as Sole Lead Arranger and Administrative Agent in a $26.5 million senior secured credit facility to support the recapitalization of PharmaLogic and the acquisition of Clinical Pharmacy Services (CPS) by Webster Capital. PharmaLogic is a nuclear pharmacy company with 12 locations in the Northeast and Western United States. Financing was provided by CIT Bank N.A., the principal bank subsidiary of CIT.

“We’re pleased to have secured this financing from CIT Healthcare Finance which allows us to expand our market footprint to 13 states with CPS complementing our service offering through the addition of mobile PET/CT imaging and PET isotope production capabilities,” said Steven Chilinski, President and Chief Executive Officer of PharmaLogic.

David Malm, Co-Managing Partner of Webster Capital, said, “We’re excited to partner with the management team at PharmaLogic and CPS’s principals to further strengthen the businesses’ position in our targeted markets. We would also like to commend the CIT Capital Markets team for their diligent efforts to bring together this financing for Webster Capital.”

William Douglass, Group Head and Managing Director of CIT Healthcare Finance, said, “Webster Capital has a strong reputation for successful healthcare investments and combination of PharmaLogic and CPS is evidence of this track record. We are pleased to have arranged this financing and to put our healthcare knowledge and experience to work for these two companies.”

Will Duke, Managing Director of CIT Healthcare Finance, added, “This transaction provides PharmaLogic and CPS with expanded market presence and highly complementary lines of business. We look forward to working with this team and helping them pursue their growth strategy.”

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