NEW YORK, Oct. 16, 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 $40 million senior secured credit facility for Hantover Inc., a leading distributor of products to the food processing industry.
Headquartered in Overland Park, Kansas, Hantover supplies essential, non-perishable equipment to its customers through a network of warehouses in the U.S. and Canada.
"We are proud of the strong customer relationships, customer satisfaction and high-quality products we have provided the industry for over 75 years," said Hantover President Bernard Huff. "We greatly appreciated the expertise and insights of the CIT Northbridge team in developing a financing arrangement that helps us continue to grow and provide the best service to our customers."
"We are pleased to have the opportunity to leverage our extensive industry experience to provide Hantover the additional liquidity and operating flexibility necessary to execute on its business strategy," said Neal Legan, who leads CIT Northbridge.
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 June 30, 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, a division of CIT Bank, N.A. Discover more at cit.com/about.
SOURCE CIT Group Inc.