CIT Leads Expansion of Credit Facility to $400 Million for Mobilitie

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) has expanded an existing credit facility to $400 million for Mobilitie Investments III LLC, a telecommunications infrastructure provider. This financing supports Mobilitie's growth amid increasing demand for mobile connectivity and wireless services. The expansion allows Mobilitie to enhance its infrastructure assets, especially for 5G deployments. CIT has been a long-term financial partner of Mobilitie, showcasing its commitment to the telecommunications sector.

Positive

• Expansion of credit facility to $400 million supports Mobilitie's growth.
• Strengthens CIT's position in the telecommunications financing sector.
• Mobilitie's ongoing expansion aligns with increased demand for wireless communications.

Negative

• None.

NEW YORK, Oct. 15, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications business has led an expansion of an existing credit facility to $400 million to support rapidly accelerating growth by Mobilitie Investments III LLC, a telecommunications infrastructure provider.

Mobilitie owns and operates a large nationwide portfolio of wireless communications infrastructure, including communication towers and distributed antenna systems across large outdoor and indoor public venues.

CIT has supported Mobilitie's growth through multiple rounds of financing over the past several years. This latest round of financing will provide additional growth capital, as Mobilitie continues to see exponential demand for its telecommunications infrastructure services amid increased reliance on mobile connectivity and wireless communications.

"We were pleased to again turn to Roger Fong and the rest of the CIT team to help Mobilitie meet our financing needs as we continue to expand our infrastructure assets to support the growing demands of mobile telecommunications," said Christos Karmis, president and CEO of Mobilitie. "Our pipeline of active projects is more robust than ever before as we continue to densify our footprint across the U.S. and upgrade sites to support the latest 5G deployments with 5G NR and high-band mmWave, in addition to CBRS."

"We have supported Mobilitie's ongoing growth for many years and are pleased to do so again with this credit facility expansion," said Thomas Westdyk, managing director and group head for CIT's Technology, Media and Telecommunications business. "The company's continuing progress is a demonstration of the value that its solutions and expertise provide at a time when wireless networks are critical to so many clients and consumers."

CIT's Technology, Media and Telecommunications group supports the development, expansion, equipment, and strategic acquisition needs of clients in the telecommunications, technology, media and information services industries. The group provides recurring revenue, cash flow, real estate and asset-based senior debt solutions to middle market companies throughout the United States.

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 significance of CIT's credit facility expansion for Mobilitie?

The expansion to $400 million will support Mobilitie's growth in telecommunications infrastructure amid rising demand for mobile connectivity.

When was CIT's credit facility for Mobilitie announced?

The credit facility expansion was announced on October 15, 2020.

What are the implications of increased demand for mobile connectivity for CIT?

Increased demand may enhance CIT's market position and opportunities within the telecommunications financing sector.

How has CIT supported Mobilitie in the past?

CIT has supported Mobilitie through multiple rounds of financing over the years, demonstrating a long-term partnership.

What industry does CIT's Technology, Media, and Telecommunications group focus on?

The group focuses on the telecommunications, technology, media, and information services industries.