NEW YORK, March 28, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) announced today that CIT Northbridge Credit served as sole lead arranger on a three-year, $20 million senior secured revolving and term loan credit facility for Arkos Field Services LP, a leading provider of aftermarket services to the energy industry.
Arkos, based in Houston, Texas, intends to use the credit facility to support continued growth and for general corporate purposes. Notably, the financing includes a $4 million tranche of capital supported by fixed assets.
Arkos provides comprehensive aftermarket support -- including call-out services, preventative care, maintenance, commissioning, parts, components and upgrades -- to companies that own or lease natural gas compressors and other related equipment throughout the United States.
"We are pleased to lead this transaction on behalf of Arkos Field Services as the company continues to expand its ability to serve the energy industry with exceptional aftermarket support," said Neal Legan, who leads CIT Northbridge.
"CIT Northbridge demonstrated the expertise and flexibility we needed to reach this financing agreement and was a great partner throughout the process," said Arkos Field Services Chief Financial Officer Lee Sumrall.
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. A joint venture managed by CIT's Asset Management unit, 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.
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.
SOURCE CIT Group Inc.