NEW YORK, Aug. 2, 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 $35 million senior secured credit facility for Imperial Crane Services Inc.
For nearly half a century, Imperial Crane, based in Bridgeview, Illinois, has been a leader in sales and rentals of cranes in a wide range of sizes and capabilities for use in construction, manufacturing and heavy industry. The new line of credit refinances a prior credit facility and enables the company to execute on its business plans.
"It was a pleasure to work with the experienced management and ownership team at Imperial Crane to provide financing that offers the operational flexibility and liquidity they need to continue to succeed," said Neal Legan, who leads CIT Northbridge.
"We relied on the expertise of CIT Northbridge and they came through with a financing arrangement that truly meets our needs," said B.J. Bohne, president and chief executive officer. "This credit facility enables Imperial Crane to continue supporting the manufacturing, construction and infrastructure sectors with equipment rental or sales for a broad range of lift capacity needs."
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 June 30, 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.