This financing for Dana Transport further supports their ongoing growth strategy and enables the company to leverage its fleet of specialized trailers and gain additional liquidity.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it arranged a $50 million senior secured term loan to Avenel, NJ-based Dana Transport, one of the transport industry’s leading carriers and servicing companies.
CIT Capital Equipment Finance served as Lead Arranger, Sole Book Runner, Collateral Agent and Administrative Agent in the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This transaction highlights CIT’s ability to develop customized financing solutions for our middle market clients,” said Vince Belcastro, Managing Director and Group head of CIT Equipment Finance. “This financing for Dana Transport further supports their ongoing growth strategy and enables the company to leverage its fleet of specialized trailers and gain additional liquidity.”
Ronald Dana, President of Dana Transport, said, “CIT thoroughly understood our business and was able to provide prompt financing tailored to our needs. They were flexible and fast – two aspects that helped finalize this transaction. We look forward to continuing our relationship with CIT.”
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About Dana Transport
Dana Transport operates one of the industry's largest and most efficient fleets of over-the-road liquid bulk tank trailers, 20-foot container tanks, heavy duty drop-deck chassis and liquid bulk rail cars. Dana’s fleet provides local, regional and long haul service through its extensive terminal network. Its liquid bulk service capability includes chemicals, consumer products, agricultural products, food and beverage and pharmaceutical-grades. To help meet transportation requirements, Dana Transport offers inland transportation, equipment leasing, intermodal rail services, intermediate bulk container systems (TOTES), ocean carrier services, equipment cleaning, repair and storage, and other necessary over-the-road activities. Dana is the largest lessor of liquid bulk transportation equipment in North America. danacompanies.com
CIT Capital Equipment Finance
CIT Capital Equipment Finance is a leading provider of equipment financing solutions for middle market companies in a wide range of industries. We have nearly a century of experience in developing innovative financial products and services that are flexible, affordable and tailored to our customers’ specific needs. cit.com/capitalequipment
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of December 31, 2012, it had $9.6 billion of deposits and $12.2 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. cit.com/citbank
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com