NEW YORK, July 30, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, through its investment advisor CIT Asset Management LLC, served as collateral and administrative agent and lead lender on a $100 million senior secured credit facility for Hornbeck Offshore Services Inc.
Hornbeck Offshore Services is a leading provider of technologically advanced, new generation offshore service vessels primarily in the Gulf of Mexico and Latin America.
"This asset-based credit facility provides our company with additional financial flexibility as we serve our customers and grow our business," said Jim Harp, chief financial officer for Hornbeck Offshore. "We greatly appreciated the responsiveness, agility and professionalism of the CIT Northbridge Credit team in leading the financing of this revolving credit facility."
"We are pleased to have the opportunity to support Hornbeck Offshore as the company continues to provide advanced offshore service vessels that meet the needs of today's customers," said Neal Legan, who leads CIT Northbridge.
In addition to leveraging its financing and structuring expertise, CIT's Asset Management group is also providing a package of treasury management solutions in connection with the credit facility.
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.
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 June 30, 2019, 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.
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SOURCE CIT Group Inc.