CIT Provides $35.5 Million to Greenyield Shipping LLC

News provided by

Dec 28, 2021, 09:00 ET

NEW YORK, Dec. 28, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business provided $35.5 million to finance four commercial shipping vessels operated by Greenyield Shipping LLC.

Greenyield is managed by Hayfin Capital Management, one of Europe's leading alternative asset management firms, which has employed a multi-disciplined approach towards investments in the maritime sector and has over the last five years invested in more than 65 vessels across the tanker, containerships, dry bulk, LNG and offshore segments.

"Deep water shipping plays a vital role in supporting the global supply chain and we are committed to investing responsibly by utilizing available solutions to assist in the decarbonization of shipping while generating consistent returns for our investors," said Stephen Majeski, Managing Director of Hayfin. "We appreciated CIT's industry knowledge, their complementary approach towards underwriting risk and their agility in arranging financing for these cargo vessels."

"The Hayfin team is respected throughout the industry for their expertise in managing commercial vessels serving a variety of shipping categories," said Evan Cohen, managing director and group head for CIT's Maritime Finance business. "We worked closely to understand their objectives and arrange the financing to help them reach their business goals."

Maritime Finance, part of CIT's Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators.

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.