NEW YORK, April 26, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $40 million senior secured credit facility for MPC Container Ships, a leading provider in the feeder container ship market segment.
MPC Container Ships operates a fleet of 69 vessels. Financing through its secured credit facility can be used for additional fleet equipment investments, potential acquisitions and general corporate purposes.
"We were pleased to leverage our expertise to help empower MPC Container Ships with the financing needed to continue growing its business," said Evan Cohen, managing director and group head for CIT's Maritime Finance business, part of the company's Commercial Finance division.
"We are very satisfied with the cooperation demonstrated by CIT's Maritime Finance team and their support in helping further position MPC Container Ships as a leading tonnage provider within the feeder container space," said MPC Chief Executive Officer Constantin Baack.
Maritime Finance, part of CIT's Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators. Key areas of focus include the tanker, bulker, container and Jones Act shipping sectors.
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 March 31, 2019, 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.
John M. Moran
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SOURCE CIT Group Inc.