NEW YORK, Feb. 13, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, through its investment advisor CIT Asset Management LLC, served as sole lead arranger on a $24 million senior secured credit facility for Pocono ProFoods, a leading foodservice distributor in the Northeast and Middle Atlantic regions.
Pocono ProFoods, based in Stroudsburg, Pennsylvania, is a family-owned distributor supplying food and equipment to independent and multi-location restaurants and large-scale organizations in a 14-state region stretching from Maine to Virginia and Ohio.
"We are proud to leverage our expertise and agility to support this extraordinary family business with the financing and incremental liquidity it needs to service its customers, as it has for decades," said Neal Legan, who leads CIT Northbridge.
"The flexibility in structuring and the efficient closing demonstrated by the CIT Northbridge team were instrumental in creating a financing arrangement that meets our current needs and provides for further growth," said Terrence B. Snyder, president of Pocono ProFoods.
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 Asset Management, 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.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Dec. 31, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
SOURCE CIT Group Inc.