NEW YORK, Jan. 7, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, its joint venture financing unit, served as sole lead arranger on a $53.8 million senior secured credit facility for Circle 8 Crane Services LLC.
Based in Houston, Texas, Circle 8 Crane Services, 'Circle 8', is a full-service crane rental company serving the Southwest United States with mobile cranes ranging from 50-ton to 550-ton. The new credit facility was used to refinance an existing credit facility and provide for future growth.
"CIT Northbridge drew upon its extensive industry expertise to structure a flexible lending facility around this unique collateral pool and the business plan of Circle 8," said Neal Legan, who leads CIT Northbridge.
"CIT Northbridge's expertise was extremely helpful in developing a financing arrangement that meets our current needs and provides for future growth opportunities," said Damon Green, Chief Financial Officer, of Circle 8 Crane Services.
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 managed by CIT's Asset Management unit, 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 Sept. 30, 2018, 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. Discover more at cit.com/about.
SOURCE CIT Group Inc.