NEW YORK, May 15, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its CIT Northbridge Credit joint venture served as sole lead arranger on a $30 million revolving credit facility for Alliance Time Holdings.
Headquartered in Manhattan, Alliance Time Holdings is a highly data-driven global distributor of luxury brand watches serving the market as both an e-commerce retailer, through its longstanding Ashford.com website, as well as a wholesaler.
"This new credit facility provided by CIT Northbridge refinances a previous line of credit and provides Alliance with additional liquidity, growth capital and operational flexibility," said Neal Legan, who leads CIT Northbridge.
"We greatly appreciated CIT Northbridge Credit's expertise and flexibility in arranging our new secured credit facility, which will help us continue to pursue our strategic growth plans," said Mozes Hoch, founder and CEO, of Alliance Time.
"CIT Northbridge is an ideal partner that brings, in addition to the capital involved here, a keen understanding of our business and an appreciation of our transformation into a true data-driven organization," Hoch added.
CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. 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 March 31, 2018. 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.