Thanks to CIT’s market expertise and structuring capabilities, they have become a valued and trusted financial partner. CIT has consistently been able to grow their relationship with us as we’ve evolved our business. We look forward to working with CIT again in the future.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Communications & Technology Finance served as Sole Lead Arranger and Administrative Agent for a $325 million senior secured credit facility provided to Mobilitie LLC, the nation’s largest privately-held wireless infrastructure provider. The financing will support the growth of Mobilitie’s Distributed Antenna Systems (DAS), Small Cell, Communication Tower and Wi-Fi business investments. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
“The Mobilitie management team has worked with CIT for more than a decade,” said Gary Jabara, Chief Executive Officer, Mobilitie. “Thanks to CIT’s market expertise and structuring capabilities, they have become a valued and trusted financial partner. CIT has consistently been able to grow their relationship with us as we’ve evolved our business. We look forward to working with CIT again in the future.”
Tom Westdyk, Group Head and Managing Director, CIT Communications & Technology Finance, said, “Mobile data traffic continues to grow at a rapid pace, creating significant demand for Mobilitie’s wireless infrastructure solutions. Mobilitie has a proven track record in expanding nationwide coverage and capacity for the major wireless carriers, including at some of the largest venues and most challenging locations.”
Roger Fong, Director, CIT Communications & Technology Finance, added, “CIT has extensive experience in serving leading companies in the wireless infrastructure sector. We’ve had a long-standing relationship with the Mobilitie team and are pleased to lead this new financing in continuing support of their growth initiatives.”
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Mobilitie is the largest privately-held wireless infrastructure provider in the United States. Mobilitie finances, owns, and operates DAS, Small Cell, Wi-Fi networks, communication towers, as well as other infrastructure used by wireless carriers. Mobilitie is headquartered in Newport Beach, California with regional offices across the United States. mobilitie.com
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com