NEW YORK, July 19, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, its joint venture financing unit, served as sole lead arranger on a $17 million senior secured revolving and term loan credit facility for Walker Zanger.
Walker Zanger, headquartered in Los Angeles, is a retailer and wholesale distributor of ceramic, marble, granite and limestone tiles and slabs throughout the United States. The company provides a broad range of products for residential and commercial uses, particularly those involving high-quality applications in homes, boutiques, resorts, museums and restaurants worldwide.
"This financing from CIT Northbridge Credit is a key element in our strategy to build our business and serve our customers," said Jonathan Zanger, president of Walker Zanger. "The expertise and insights of the CIT Northbridge team were critical in driving a smooth and efficient closing of this credit facility."
"Recognizing the expertise of the owners and managers of this well-established brand, CIT Northbridge was pleased to provide the additional liquidity and operating flexibility necessary to enable the company to execute on its business plan," said Neal Legan, who leads CIT Northbridge.
"It was a pleasure to work with this family-owned business and management team to structure a revolving credit facility that will meet the needs of Walker Zanger for years to come," Legan 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 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.
SOURCE CIT Group Inc.