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CIT Serves as Sole Lead Arranger in $125 Million Financing for Independence Contract Drilling
Follows Earlier $60 Million Financing for Fleet of Land Drilling Riggs
Tuesday, June 3, 2014 08:30 AM
We were able to put our knowledge to work for ICD and complete this transaction with speed, while building on our reputation of providing financing and advisory services to middle market energy companies.

NEW YORK & HOUSTON--(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 arranged a $125 million senior secured credit facility for Independence Contract Drilling (ICD), an integrated premium land drilling services provider with a fleet of ShaleDriller™ land drilling rigs. This new financing follows a $60 million senior secured credit facility arranged by CIT Corporate Finance, Energy in June 2013.

CIT Corporate Finance, Energy served as Sole Lead Arranger and Sole Lead Administrative Agent in the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“We’re pleased to assist ICD in financing the construction of additional land drilling rigs as they capitalize on growing market opportunities,” said Mike Lorusso, Group Head of CIT Corporate Finance, Energy. “We were able to put our knowledge to work for ICD and complete this transaction with speed, while building on our reputation of providing financing and advisory services to middle market energy companies.”

Byron Dunn, Chief Executive Officer of ICD, said, “CIT continues to be an excellent partner. We completed a transaction with Mike’s team a year ago, so it was logical and efficient to tap them again for their experience and expertise in this sector. CIT has shown its deep industry expertise and ability to close transactions on time and efficiently. We look forward to continuing this relationship in the future."

EDITOR’S NOTE:

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About Independence Contract Drilling

Independence Contract Drilling was formed in 2011 as an integrated premium land drilling services provider. From its wholly owned facility in Houston, Texas, Independence Contract Drilling provides E&P operators the ShaleDriller™ series rigs. These rigs are fast moving, programmable AC rigs custom designed for the development of unconventional and shale plays and other areas where completions require long horizontal sections. icdrilling.com

About CIT Corporate Finance

Corporate Finance provides lending, leasing and other financial and advisory services to the middle market with a focus on specific industries, including: Aerospace & Defense, Business Services, 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. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of June 30, 2014, it had approximately $14 billion of deposits and more than $18 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
Senior Vice President of Corporate Communications
973-740-5390
Curt.Ritter@cit.com
or
Matt Klein
Vice President, Media Relations
973-597-2020
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Barbara Callahan
Senior Vice President
973-740-5058
Barbara.Callahan@cit.com