NEW YORK, July 22, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced an expansion of its investment management and advisory capabilities that provides increased capacity and flexibility to finance private equity sponsor-owned middle market companies across a diverse range of industry sectors.
Under the new arrangement, CIT Asset Management LLC, CIT's registered investment advisor unit, will offer expanded cash flow-based revolving and term loan options to qualified borrowers though a managed financing vehicle funded by an A-rated insurance company.
The expansion of lending capabilities enlarges the market size and product offering to address a wider range of client financing needs.
"This new funding mechanism leverages CIT's noted expertise in loan origination, underwriting, capital markets, treasury management and portfolio management," said Jeff Kilrea, managing director and group head for CIT's Sponsor Finance business.
"Through our strategic partnership, we are able to offer our clients more cash-flow lending options with attractive terms," said Kilrea, who will lead CIT Asset Management's supervision of the new financing vehicle.
"This represents another stride forward in CIT's asset management strategy and also serves as the latest example of how we are continuing to create innovative financing approaches that help small and medium-sized market businesses grow and succeed," he added.
CIT Asset Management, part of the company's Commercial Finance division, is a trusted financial partner delivering a broad range of innovative, cost-effective solutions to medium-sized businesses across a variety of industry sectors.
Barclays Capital Inc. served as CIT's financial advisor for this arrangement.
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.
SOURCE CIT Group Inc.