NEW YORK, June 22, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $30 million credit facility to an online retailer of luxury accessories.
The asset-based financing consists of a senior secured revolving credit facility. Proceeds will be used to refinance existing debt and for general corporate purposes.
"We were pleased to work with our client to arrange financing to advance their business objectives," said Neal Legan, who leads CIT Northbridge. "This asset-based transaction is another demonstration of our expertise in understanding client needs and our agility in finding the right financial solution."
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.
Cafferty & Company served as independent advisor to the borrower on the transaction.
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.