NEW YORK, June 10, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, through its investment advisor CIT Asset Management LLC, provided $40 million of a $60 million senior secured credit facility for Stock+Field, a leading farm, home and outdoor retailer.
Stock+Field, formerly known as Big R Stores, operates more than 25 large retail outlets in Illinois, Ohio, Indiana, Wisconsin and Michigan featuring a wide range of ranch and farm supplies, clothing, sporting goods, tools, automotive products and more. The credit facility, which was led by Massachusetts-based Second Avenue Capital Partners, will be used for working capital and general corporate purposes.
"We are excited to complete this new credit facility to support our business operations," said Matt Whebbe, chairman and CEO of Stock+Field. "CIT Northbridge Credit and Second Avenue listened closely to our needs and came up with the right financing package to help us achieve our strategic initiatives."
"We were pleased to leverage our industry expertise and to collaborate with Second Avenue in developing the financing that will support Stock+Field's continued operations," said Neal Legan, who leads CIT Northbridge Credit.
"We worked very quickly in conjunction with CIT Northbridge to provide the financing Stock+Field required and the flexibility to put their plan into action," said Chris O'Connor, president of Second Avenue Capital Partners.
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 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.