NEW YORK — May 24, 2018 — CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, its joint venture financing unit, served as sole lead arranger on a $20 million senior secured revolving and term loan credit facility for Greene’s Energy Group, LLC.
Greene’s Energy Group, headquartered in Houston, Texas, is a diversified oilfield services company providing integrated pre and post-production well services, well testing, flow-back, laboratory analysis, wellhead isolation tooling, equipment rentals and specialty services to improve on- and off-shore productivity to customers in the drilling, completion and pipeline businesses.
“CIT Northbridge is pleased to be able to provide a more economical and flexible senior debt solution to support the growing needs of the Greene’s Energy business,” said Neal Legan, who leads CIT Northbridge.
“The experience and insights of the CIT Northbridge team were greatly appreciated as we worked through the successful execution of this credit facility, which is an important component of our business strategy,” said Frank Mathews, President, of Greene’s Energy Group, LLC.
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 advised 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.