NEW YORK, March 30, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $23 million credit facility for Nova Compression, LLC (a successor company to MGC Equipment Company, LLC).
Founded in December 2010 and headquartered in Kilgore, Texas, Nova Compression supports clients in Louisiana and Texas with equipment rentals, installation, maintenance and repair of gas compressors. Proceeds from the financing will help Nova execute a strategic acquisition of additional equipment to better support customers.
"Nova means 'new,' and the name underscores our commitment to launching a new and exciting chapter in our company's history. We have added a large amount of high-quality equipment, which means we'll be able to greatly ramp up services in multiple states. Of course, Nova is scaling up while maintaining the commitment to service and our customers' production, both of which have always been our hallmarks," said Jonathan Mitchell, CEO of Nova. "We appreciated the expertise of the CIT Northbridge team in arranging this financing as we look forward to additional growth opportunities by continuing to help our clients succeed."
"We are pleased to work with Nova to arrange this financing as they continue to expand their fleet and geographic capacity to meet customer demand," said Neal Legan, who leads CIT Northbridge.
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.