CIT Closes on Asset-Based Credit Facility of up to $145 Million
NEW YORK, Feb. 17, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business committed to $25 million in financing while serving as joint lead arranger on an asset-based credit facility of up to $145 million on behalf of a commercial finance company serving government contractors.
The client provides flexibility to U.S. federal government contractors via receivable financing, unbilled financing, purchase order financing and a range of other solutions. It supports both small businesses and large investment-grade prime contractors on U.S. government projects. The transaction includes a revolving credit facility of $80 million with an accordion feature for up to $65 million more.
"Asset-based financing solutions are the right answer for many businesses seeking the funding needed to achieve their business objectives," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "At CIT, we are well-known for our long experience and expertise in developing asset-based lending structures that support clients."
CIT's Asset-Based Lending business, part of the company's Commercial Finance division, 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.
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 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.
MEDIA RELATIONS:
John M. Moran
212-461-5507
[email protected]
SOURCE CIT Group Inc.
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