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CIT Co-Arranges $66 Million Financing for the Pauma Band of Luiseño Indians
Tuesday, March 13, 2012 08:30 AM

NEW YORK & SAN DIEGO--(BUSINESS WIRE)--NEW YORK & SAN DIEGO--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that CIT Communications, Media & Entertainment served as Joint Lead Arranger, Joint Book Manager and Syndication Agent in a $66 million senior secured credit facility to the Pauma Band of Luiseño Indians, one of seven Bands of Luiseño people located in San Diego and Riverside counties. The financing was provided by CIT Bank, a wholly-owned subsidiary of CIT, and will support the renovation of the Casino Pauma, located in San Diego and will also be used to restructure existing bank debt. Terms of the transaction were not disclosed.

“These funds will allow for the renovation of the Casino Pauma, which employs 500 individuals in the greater San Diego community,” said Steve Epperly, Senior Director of Gaming Finance & Advisory for CIT. “We look forward to developing our relationship with the Pauma Band as they continue to grow Casino Pauma.”

Randall Majel, Pauma Tribal Chairman, said, “We view this financing as a great opportunity to enhance the environment for our casino and restaurant customers, attract new patrons, all while achieving our goal of reducing debt. Going forward we believe this financing is a big and critical step to improve the lives of our people, our employees and it puts the Tribe and casino in an excellent position for growth as the economy continues to recover.”

Verrin Kewenvoyouma, of Kewenvoyouma Law, PLLC, who serves as the Tribe’s legal counsel, said, “CIT was selected based on their deep industry knowledge and their successful track record of supporting the gaming sector. This project is the result of a team effort, resulting in refinanced debt on better terms and money for a long needed refurbishment project.”

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About Pauma

The Pauma Band of Luiseño Indians strives to preserve and strengthen tribal sovereignty and self-determination through the promotion, protection and advancement of the cultural, political and economic well being of the Pauma people. The Pauma Band of Luiseño Indians and their ancestors have lived in the Pauma Valley and surrounding area since time immemorial. The Pauma Band is one of seven Bands of Luiseño people located in San Diego and Riverside counties. pauma-nsn.gov

About Casino Pauma

The Band opened Casino Pauma in May 2001, providing employment to Tribal Members and individuals in surrounding communities. Casino revenues enhance the Tribal Government’s ability to meet the essential needs of the membership. casinopauma.com

About CIT Bank

Founded in 2000, CIT Bank is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of December 31, 2011, it had $6.1 billion of deposits and $9 billion of assets. BankOnCIT.com

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lendingfactoringretail financeaerospaceequipment and rail leasing, and global vendor finance. CIT also operates CIT Bank, BankOnCIT.com, its primary bank subsidiary and an FDIC-insured online bank which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com

Contact:

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com