CIT Arranges Up to $58 Million to Refinance Four Container Ships

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced a financing arrangement of up to $58 million to refinance four container ships operated by Leonhardt & Blumberg. The financing comprises both term loan and delayed draw components, highlighting CIT's expertise in the maritime finance sector. Leonhardt & Blumberg, known for its management of over 35 feeder vessels, expressed appreciation for CIT's tailored financing solutions. This initiative is part of CIT's broader Commercial Finance division, which offers customized loans to vessel owners and operators globally.

Positive

• CIT arranged up to $58 million for refinancing, indicating strong financial capabilities.
• The partnership with a reputable firm like Leonhardt & Blumberg enhances CIT's credibility in maritime finance.
• Customized financing solutions demonstrate CIT's commitment to client needs.

Negative

• None.

NEW YORK, Nov. 8, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business arranged to provide up to $58 million to refinance four container ships operated by Leonhardt & Blumberg.

The financing includes both term loan and delayed draw components. Leonhardt & Blumberg is a long-standing shipowner and management firm with an existing managed fleet of more than 35 feeder vessels ranging in size from 1,000 to 3,600 TEU.

"Container ships play a vital role in moving goods to market through the global supply chain," said Mathias Gaethje, Managing Director, Leonhardt & Blumberg. "We appreciated CIT's expertise in arranging financing for these vessels."

"Leonhardt & Blumberg is well-known throughout the shipping industry for their expertise in operating and managing container ships," said Evan Cohen, managing director and group head for CIT's Maritime Finance business. "We worked closely to understand their objectives and arrange the right 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
john.moran@cit.com

 

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SOURCE CIT Group Inc.

FAQ

What is CIT Group's recent financing arrangement?

CIT Group arranged up to $58 million to refinance four container ships operated by Leonhardt & Blumberg.

How does CIT Group's Maritime Finance business operate?

CIT's Maritime Finance business offers customized secured loans to vessel owners and operators globally.

What is the significance of the $58 million financing for CIT Group?

The financing arrangement reflects CIT's financial strength and expertise in maritime finance.

Who is Leonhardt & Blumberg?

Leonhardt & Blumberg is a long-standing shipowner and management firm operating a fleet of over 35 feeder vessels.

On what date did CIT Group announce the loan for refinancing?

CIT Group announced the financing arrangement on November 8, 2021.