You are using an outdated browser. Please upgrade your browser to use this site.

CIT Provides $46.4 Million Financing to Epic Gas
Funding Supports the Acquisition of Five LPG Tankers
Tuesday, March 25, 2014 08:30 AM
This financing will allow Epic Gas to grow its fleet of tankers to support the growing demand in the LPG and petrochemical sectors

NEW YORK & SINGAPORE--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a global leader in transportation finance, today announced that CIT Maritime Financeprovided a $46.4 million senior secured credit facility to Epic Gas Ltd. (“Epic Gas”). Headquartered in Singapore, Epic Gas owns and operates a fleet of seaborne gas carriers to transport liquefied petroleum gas (LPG) and petrochemicals. The facility was used to partially finance the acquisition of a fleet of five LPG tankers that includes three newbuildings and two modern gas carriers acquired in the secondary market. Financing from CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“This financing will allow Epic Gas to grow its fleet of tankers to support the growing demand in the LPG and petrochemical sectors,” said Svein Engh, Managing Director and Group Head of CIT Maritime Finance. “With the demand for ocean and coastal transportation activity expected to increase gradually, we’re pleased to play a role in the expansion of Epic’s growing footprint and we look forward to building this relationship.”

Lars Vang Christensen, CEO of Epic Gas, said, “The seaborne petrochemical trade is expected to grow year over year. These latest additions provide us the opportunity to continue growing our fleet with some of the largest vessels in the pressurized segment. CIT was able to put their knowledge to work for us. Their expertise and experience allowed us to complete this transaction in a timely manner with favorable terms. CIT played an important role in this phase of Epic's expansion plans. We look forward to working with them on future projects.”

EDITOR’S NOTE:

View CIT’s corporate overview video (cit.com/corporatevideo) and CIT’s Perspectives (cit.com/perspectives), which showcases our insights and ability to put our knowledge to work for the small business, middle market and transportation sectors. Follow us onTwitterLinkedInYouTube and Facebook or register to receive press releases at cit.com/newsalerts.

About Epic Gas

Epic Gas Ltd., owns and operates a fleet of 40 modern and high quality fully pressurized gas carriers providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals. The company’s vessels serve as an important link in the international gas supply chains of leading oil majors and commodity trading houses throughout Southeast Asia, Europe, West Africa and the Americas. The company is headquartered in Singapore with additional offices in London, Manila, Tokyo and Hamburg. epic-gas.com

About CIT Maritime Finance

CIT Maritime offers senior secured loans, sale-leasebacks, and bareboat charters to owners and operators of oceangoing cargo vessels including tankers, bulkers, container ships, car carriers, as well as offshore vessels and drilling rigs.cit.com/maritime

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 December 31, 2013, it had more than $12 billion of deposits and over $16 billion of assets.cit.com/CITBank

About CIT

Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $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 lendingfactoringretail and equipment finance, as well as aerospaceequipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com

Contact:

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Senior Vice President of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Barbara Callahan, 973-740-5058
Senior Vice President
Barbara.Callahan@cit.com