NEW YORK , April 21, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $145 million credit facility for Natural Gas Compression Systems Inc.
Based in Traverse City, Michigan, Natural Gas Compression Systems is a full-service gas compression equipment and service business that provides contract compression and recurring field service throughout the United States and Canada.
"There is currently a strong demand for contract compression, and we appreciate CIT Northbridge's expertise and agility in arranging financing that enables us to deliver for our customers," said AJ Yuncker, CEO and president of Natural Gas Compression Systems.
"Natural Gas Compression Systems is well-positioned due to favorable industry dynamics and the company's ability to serve its customers," said Neal Legan, who leads CIT Northbridge. "We were pleased to collaborate with Natural Gas Compression Systems to arrange financing that best suits their needs."
CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
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SOURCE CIT, a division of First Citizens Bank