CIT Arranges $70 Million Secured Credit Facility for MPC Container Ships

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced on August 10, 2021, the successful arrangement of a $70 million senior secured credit facility for MPC Container Ships, a prominent player in the feeder container ship market.

This financing will aid MPC in fleet equipment investments, potential acquisitions, and general corporate needs. The collaboration highlights CIT's commitment to supporting maritime operations and growth, as affirmed by MPC's CEO Constantin Baack and CIT's managing director Evan Cohen.

Positive

• Secured credit facility of $70 million enhances MPC Container Ships' financial flexibility.
• Support for fleet expansion and corporate investments contributes to the growth of MPC Container Ships.

Negative

• None.

NEW YORK, Aug. 10, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $70 million senior secured credit facility for MPC Container Ships, a leading provider in the feeder container ship market segment.

MPC Container Ships operates a fleet of 64 vessels. Financing through its secured credit facility can be used for additional fleet equipment investments, potential acquisitions and general corporate purposes.

"We have worked closely with CIT's Maritime Finance in the past and are pleased to continue our association with this latest financing, which supports the operations and growth of our company as a leading provider in the feeder container space," said MPC Chief Executive Officer Constantin Baack.

"We were pleased to leverage our expertise to help empower MPC Container Ships with the financing needed to continue its leadership in the container shipping sector," said Evan Cohen, managing director and group head for CIT's Maritime Finance business, part of the company's Commercial Finance division.

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. Key areas of focus include the tanker, bulker, container and Jones Act shipping sectors.

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
john.moran@cit.com

 

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SOURCE CIT Group Inc.

FAQ

What is the purpose of the $70 million financing arranged by CIT for MPC Container Ships?

The financing will support fleet equipment investments, potential acquisitions, and general corporate purposes.

When was the $70 million credit facility announced by CIT Group?

The credit facility was announced on August 10, 2021.

What role did CIT Group play in the financing for MPC Container Ships?

CIT Group served as the sole lead arranger for the $70 million senior secured credit facility.

How does the new financing impact MPC Container Ships?

The financing provides MPC Container Ships with the necessary funding to continue its leadership in the feeder container space.

What company is benefiting from CIT Group's credit facility?

MPC Container Ships is the company benefiting from CIT Group's $70 million credit facility.