NEW YORK, June 3, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending team served as administrative agent for a new $185 million senior secured, asset-based credit facility for Orscheln Farm and Home LLC, a leading retailer of farm supplies, home improvement essentials and general merchandise.
Headquartered in Moberly, Missouri, Orscheln Farm and Home LLC operates 167 stores selling livestock feed and equipment, pet food and pet supplies, apparel, automotive, livestock equipment and fencing, tools, lawn and garden supplies, as well as farm and general hardware in 11 Midwestern states. The retailer focuses on keeping a strong presence in the communities it serves as well as those surrounding communities.
The new credit facility, which replaces and extends an existing facility, will be used for growth and general corporate purposes. CIT also provides the company with a package of treasury management services.
"This expanded credit facility comes at the right time as we continue to advance our strategic initiatives," said Mark Riebe, CFO of Orscheln Farm and Home LLC. "We appreciated CIT's agility and willingness to make this financing come together."
"This transaction highlights CIT's expertise and leadership in providing asset-based financing solutions that offer increased flexibility and lower funding costs while supporting the working capital and strategic needs of our customers," said David Harnisch, president of Commercial Finance for CIT. "CIT has a long legacy and reputation as a seasoned asset-based lender and we intend to continue expanding this part of our business."
"We're pleased to support Orscheln Farm & Home with this asset-based credit facility and look forward to continuing to work with them as their business grows," said Chris Esposito, managing director, Asset-Based Lending.
CIT's Asset-Based Lending team, part of the Commercial Finance division, provides clients with the working capital they need to help manage and grow their businesses. Asset-based capital structures can enable clients to obtain the financing they need and help lower their funding costs, reduce risk and increase profits.
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 and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
SOURCE CIT Group Inc.