NEW YORK — Aug. 31, 2020 — CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business, part of the Commercial Finance division, served as joint lead arranger on a $150 million asset-based revolving credit facility for Steven Madden Ltd.
Steve Madden (Nasdaq: SHOO) is a leading designer and marketer of fashion-forward footwear, accessories and apparel for women, men and children.
“We appreciated CIT’s agility and expertise in helping arrange this credit facility that will further increase our liquidity and provide us with even more financial flexibility” said Steve Madden CEO Edward Rosenfeld.
“We are pleased to support Steve Madden with asset-based financing to further enhance its capital structure and pursue its business strategy,” said Chris Esposito, managing director and group head for Asset-Based Lending.
CIT’s Asset-Based Lending business meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.
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.