We are delighted that DAE Ltd has selected to work with CIT Aerospace again
NEW YORK - CIT Group Inc. (NYSE: CIT), a global leader in aircraft finance, today announced that CIT Aerospace provided a $35 million pari-passu bullet loan to Dubai Aerospace Enterprise (DAE) to finance its factory delivery of one Boeing 777-200LRF. This is the second financing transaction CIT has completed with DAE in 2012.
The financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Additionally, National Bank of Abu Dhabi (NBAD) provided a pari-passu amortizing loan for this financing. Additional terms of the transaction were not disclosed.
“We are delighted that DAE Ltd has selected to work with CIT Aerospace again,” said John Morabito, Senior Vice President, CIT Aerospace, Financial Institutions Group. “Our ability to provide a long term bullet loan for DAE Ltd demonstrates the value we can deliver to the market, and we are happy to partner on our first transaction with NBAD. This loan concludes a successful year for CIT Aerospace and we’ll look to increase our loan portfolio in 2013.”
About CIT Aerospace
As one of the world's leading aircraft leasing organizations, CIT Aerospace provides leasing and financing packages – including operating leases and structuring and advisory services – for commercial airlines worldwide. CIT Aerospace owns and manages a fleet of approximately 350 commercial aircraft leased and financed to more than 100 customers in 55 countries.cit.com/aerospace
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2012, it had $8.6 billion of deposits and $11.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. cit.com/citbank
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital and advisory services to its 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), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com