CIT has provided financing to the Native American and commercial gaming sectors for nearly 20 years
NEW YORK & QUAPAW, Okla.--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that it arranged two senior secured credit facilities totaling $41.6 million to the Downstream Development Authority, a subsidiary of the Quapaw Tribe of Oklahoma. The financings will support the development of a new 150-room hotel tower for theDownstream Casino Resort in Quapaw, OK, and will refinance an existing Furniture, Fixtures & Equipment (FF&E) Credit Facility. Terms of the transaction were not disclosed.
The financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. CIT Communications, Media & Entertainment served as Sole Lead Arranger, Lead Administrative Agent and Sole Book Runner on both of the aforementioned financings.
“CIT has provided financing to the Native American and commercial gaming sectors for nearly 20 years,” said Steve Epperly, Senior Director of Gaming Finance & Advisory for CIT. “This transaction underscores our continued commitment to the Native American community. John Berrey, Chairman of the Quapaw Tribe and Chairman of the Downstream Development Authority, has been critical in developing the strong relationship between the Tribe and the investment community. Downstream continues to perform well in tough market conditions, and we look forward to growing our relationship.”
Chairman Berrey added, “CIT’s deep industry knowledge and experience was an important factor in our decision to choose CIT as lead arranger in these financings, which will offer us a great opportunity to enhance the environment for our casino and attract new customers.”
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About the Downstream Development Authority
The Downstream Development Authority owns and operates The Downstream Casino Resort in Quapaw, Oklahoma, and the Quapaw Casino in Miami, OK. The Tribe, its reservation and casino are located in Quapaw, OK. Downstream Development Authority operates as a subsidiary of Quapaw Tribe of Oklahoma.downstreamdevelopmentauthority.com
About the Quapaw Tribe
The Quapaw Tribe and its members are descendants of a tribe of Native Americans who historically resided on the west side of the Mississippi River in what is now the state of Arkansas. Several hundred years ago, the Quapaw were a division of a larger group known as the Dhegiha Sioux. They split into the tribes known today as the Quapaw, Osage, Ponca, Kansa, and Omaha when they left the Ohio Valley. The Quapaw moved down the Mississippi River into Arkansas, displacing the Tunica and the Illinois. This is the origin of the word "Ugaxpa" (“Ugakhpa”), as the Quapaw were known to other tribes, which means (roughly) "the downstream people.” Today, many members of the Quapaw Tribe live in Ottawa County, Oklahoma. quapawtribe.com.
About Downstream Casino Resort
Downstream Casino Resort provides a Las Vegas-style entertainment experience for everyone. Whether you prefer high energy surroundings or a more intimate experience, Downstream Casino Resort offers new ways to play influenced by the rich history of Native American culture. downstreamcasino.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is a wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of March 31, 2012, it had $6.7 billion of deposits and $9.6 billion of assets. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com