NEW YORK, Nov. 5, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Aerospace, Defense and Government Services business served as administrative agent, security agent and lead lender on an $80 million senior secured revolving credit facility for AerFin Holdings.
Founded in 2010, AerFin is a leading global specialist that provides aircraft end-of-life services and cost-saving aftermarket support solutions to the aviation industry. The credit facility was arranged in part to support the recent acquisition of AerFin by Catacap, a private equity buy-out fund.
"We appreciated the agility of CIT in working out an arrangement that met the financing needs of AerFin at this important time in its evolution," said AerFin founder and CEO Bob James.
"We were pleased to leverage our industry knowledge and capital markets expertise to arrange financing that supports AerFin's ongoing growth as a leader in its aviation services market sector," said John Heskin, managing director and group head for CIT's Aerospace, Defense & Government Services business.
CIT's Aerospace, Defense and Government Services group, part of the company's Commercial Finance division, provides integrated financial solutions for asset investors, manufacturers, suppliers and service providers in the aerospace, defense, and government services markets.
About CIT
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, 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, a division of CIT Bank, N.A. Discover more at cit.com/about.
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SOURCE CIT Group Inc.