• News

    Stay on top of past and present CIT announcements by reading our press releases.


  • pdf print email rss
    CIT Northbridge Serves as Sole Lead Arranger on $25 Million Credit Facility for Midwest High Reach
    Financing supports continued growth of leading Chicago-area equipment supplier
    Thursday, February 15, 2018 09:00 AM

    NEW YORK, Feb. 15, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit served as sole lead arranger on a $25 million revolving line of credit facility provided to Midwest High Reach, one of the premier independent equipment rental companies in the Chicago area.

    CIT logo

    Midwest High Reach intends to use the credit facility to refinance existing debt and support continued growth of the company.

    Based in Joliet, Illinois, Midwest High Reach is a privately held, full service rental company providing equipment rentals, sales and service to the construction industry. Its equipment offerings include aerial boom lifts, scissor lifts, excavators, mini-excavators, rollers, light towers, air compressors, generators and welders.

    "We are pleased to have the opportunity to support the continued growth of Midwest High Reach as the company expands its ability to meet the equipment needs of the Greater Chicago area," said Neal Legan, who leads CIT Northbridge.

    "We relied on the expertise and flexibility of CIT Northbridge and they delivered a financing arrangement that truly meets our needs and supports our ongoing growth," said Rob Snook, chief operating officer for Midwest High Reach. "CIT Northbridge was a great partner throughout the transaction and we appreciate their support."

    CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions beyond those typically provided by traditional banks. 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.

    About CIT
    Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. 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. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.

    CIT MEDIA RELATIONS:  
    John Moran
    212-461-5507
    john.moran@cit.com

    SOURCE CIT Group Inc.

  • Retail

    L.A. Fashion Industry Profile

    The Los Angeles fashion industry continues to play a crucial role in the city's economy and adopts a vanguard position trends that are changing the fashion industry.
    Twitter
    CIT  ‏@citgroup  3 Days ago

    Could free shipping become the new normal? Learn more. #ViewfromtheMiddle ow.ly/VFZ6t