CIT Serves as Sole Lead Arranger on $15 Million Maritime Loan

NEW YORK, Oct. 10, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance unit served as sole lead arranger on a $15 million senior secured loan for MRC Maritime Holdings, a ship-owning entity controlled by a private New York City-based investment fund manager.

The loan partially finances the purchase of two containerships, which will be operated in a pool run by a prominent European ship manager.

"We are pleased to arrange this loan on behalf of MRC Maritime Holdings as they establish their presence in the maritime shipping industry," said Burt Feinberg, group head of CIT's Commercial & Industrial Finance unit. "We look forward to future opportunities to work together as the company grows its business."

"Our financing expertise and knowledge of the maritime industry were extremely valuable in helping us create the right loan package to meet MRC Maritime's needs," Feinberg added.

Maritime Finance, part of CIT's Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators. Key areas of focus include the tanker, bulker, container and Jones Act shipping sectors.

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.