CIT Serves as Sole Lead Arranger on $93.7 Million Credit Facility for Maritime Shipping Firm
NEW YORK, Sept. 19, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance unit served as sole lead arranger on a $93.7 million senior secured credit facility for Tanker Solutions LLC, a shipping company managed by Prime Marine, a leading operator of international shipping vessels, and its U.S.-based private equity sponsor.
The new credit facility was used to consolidate and refinance existing debt on 12 product tankers.
"It was a privilege to support Prime Marine with this credit facility. Prime is truly a best-in-class shipping operator with a great track record and long history through several business cycles, and we appreciate the opportunity to be their financing partner," said Burt Feinberg, group head of CIT's Commercial & Industrial Finance unit.
"We counted on CIT to use its knowledge of the maritime industry and its financing expertise to create the right credit facility to meet our needs and they delivered," said Michael Chalkias, co-CEO of Prime Marine.
Maritime Finance, part of CIT's Commercial Finance division, offers customized solutions for secured loans, bareboat charters and more to owners and operators. Key areas of focus include international, Jones Act and blue water shipping.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of June 30, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
CIT MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.
