NEW YORK, April 23, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications unit served as joint lead arranger and administrative agent for a $325 million round of financing for Mobilitie Investments III LLC, a telecommunications infrastructure provider.
This is the third financing round that CIT has led in recent years on behalf of Mobilitie, which owns and operates a national portfolio of wireless communications infrastructure, including towers, distributed antenna systems and wi-fi networks. Proceeds will refinance existing debt and provide growth capital for its ongoing 5G network deployments and upgrades.
"CIT has worked with us for years as we've expanded our infrastructure to support a wide range of telecommunications needs, working closely with large public venues, real estate owners, large enterprises, and wireless carriers to ensure their customers are better connected," said Christos Karmis, president and CEO of Mobilitie. "We have the largest number of active projects in the company's history as we continue to densify and upgrade sites to support 5G deployment initiatives throughout the country."
"We've appreciated CIT's expertise in arranging this financing, particularly at a time when the wireless industry is seeing high demand as millions of Americans are relying on mobile connectivity to work from home during the COVID-19 pandemic. Our team and the industry as a whole are working hard to stay ahead of the increased levels of data tonnage being carried by wireless networks today," he added.
"CIT is pleased to lead another round of financing to support Mobilitie's ongoing operations and development, particularly in this time when wireless networks are so critical," said Thomas Westdyk, managing director and group head for CIT's Technology, Media and Telecommunications business."
CIT's Technology, Media and Telecommunications group supports the development, expansion, equipment, and strategic acquisition needs of clients in the telecommunications, technology, media and information services industries. The group provides recurring revenue, cash flow, real estate and asset-based senior debt solutions to middle market companies throughout the United States.
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 and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
SOURCE CIT Group Inc.