We first financed Central States Tower, the predecessor company to CST II in 2007, and are pleased to further expand our relationship with Central States Tower, Sweetwater Capital and Viridian Investment Partners with this new transaction
NEW YORK & WHEATON, Ill.--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that CIT Corporate Finance provided a $35 million senior secured credit facility to Central States Tower II, LLC (CST II), a leading independent operator and developer of wireless communications towers and portfolio company of Sweetwater Capital, LLC and Viridian Investment Partners, L.P.
The transaction allowed CST II to refinance its existing debt and provides additional capital for the construction and development of new towers throughout the U.S. Financing was provided by CIT Bank, the U.S commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We first financed Central States Tower, the predecessor company to CST II in 2007, and are pleased to further expand our relationship with Central States Tower, Sweetwater Capital and Viridian Investment Partners with this new transaction,” said Roger Fong, Director of CIT Corporate Finance, Communications, Information Services & Technology. “The company has continued to successfully leverage its unique tower development expertise, exceptional operational experience and deep, long-standing relationships with wireless operators in building one of the highest quality tower portfolios.”
Brian Meier, Chief Executive Officer of Central States Tower II, said, “The increase of wireless data and video usage continues to drive demand for towers as a greater number of cell sites, in denser site locations, are needed for handling data traffic. We have a strong relationship with CIT and appreciate their industry expertise and ability to provide the structural flexibility and capital through this transaction, which will enable us to further grow our company.”
William Marraccini, Partner of Sweetwater Capital, said, “The demand for towers is driven by capacity demands on wireless networks. Although subscriber growth continues to increase modestly, the strong growth in mobile data traffic is leading the push. As a valued and trusted partner, this financing from CIT will help support the growth objectives of Central States Tower II and helps position the company for continued success.”
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About Central States Tower
Founded in 2006, Central States Tower, LLC is a leading independent developer and operator of wireless communications towers. centralstatestower.com
About Sweetwater Capital
Founded in 2002, Sweetwater Capital, LLC is a private equity investment firm that invests in service businesses with recurring revenue streams protected by inherent barriers to entry that provide critical infrastructure to the internet and to wireless communications networks. sweetwatercg.com
About Viridian Investment Partners
Founded in 2007, Viridian Investment Partners, L.P. is an $80 million fund established for the purpose of seeking capital appreciation primarily through investment in the equity securities of private companies. Viridian focuses on investments related to telecommunications infrastructure, including data centers and towers. viridianinvestmentpartners.com
About CIT Corporate Finance
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: Business Services, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media. cit.com/corporatefinance
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) 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 transportation sectors. Through its Internet bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of September 30, 2013, it had approximately $12 billion of deposits and nearly $15 billion of assets.cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail finance, aerospace, equipmentand rail leasing, and vendor finance. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its Internet bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com