CIT Northbridge Credit Serves as Sole Lead Arranger on $40 Million Credit Facility for Europa Sports Products

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced on July 15, 2020, that CIT Northbridge Credit acted as the sole lead arranger for a $40 million senior secured credit facility for Europa Sports Products LLC. The funding will support general corporate purposes and business development. Europa Sports Products is a leading distributor of nutritional and sports supplements. CIT Northbridge provides flexible asset-based debt solutions ranging from $15 million to $150 million.

Positive

• CIT Northbridge Credit arranged a significant $40 million senior secured credit facility for Europa Sports Products.
• The financing will support business development and general corporate purposes.
• CIT Northbridge offers flexible asset-based debt solutions, enhancing market position.

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• None.

NEW YORK, July 15, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $40 million senior secured credit facility for Europa Sports Products LLC.

Europa Sports Products is an industry-leading distributor of nutritional and sports supplements, sports drinks and accessories to mass market retailers, gyms, health food stores, specialty supplement retailers, sporting goods stores and many other outlets. Proceeds from the credit facility will be used for general corporate purposes and business development.

"With consumers increasingly focused on maintaining and improving their health, we anticipate growing demand for products that support their goals," said Jeff Compton, co-founder and CEO of Europa Sports Products. "We greatly appreciated the expertise and agility of the CIT Northbridge team in arranging this financing to meet our business objectives."

"Europa Sports Products is unmatched as a distributor of nutritional and sports supplements and a wide range of other products to outlets across the U.S. and abroad," said Neal Legan, who leads CIT Northbridge. "We are pleased to work with the company to arrange this asset-based financing that meets their needs and supports their business strategy."

CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.

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 recent credit facility arranged by CIT Northbridge for Europa Sports Products?

CIT Northbridge arranged a $40 million senior secured credit facility for Europa Sports Products.

How will the proceeds from the credit facility be used by Europa Sports Products?

The proceeds will be utilized for general corporate purposes and business development.

What market does Europa Sports Products serve?

Europa Sports Products distributes nutritional and sports supplements to various retailers, gyms, and health stores.

What role does CIT Northbridge play in this transaction?

CIT Northbridge acted as the sole lead arranger for the $40 million credit facility.

What range of financing solutions does CIT Northbridge offer?

CIT Northbridge provides asset-based debt solutions ranging from $15 million to $150 million.