CIT Northbridge Credit Serves as Sole Lead Arranger on Senior Secured Credit Facility for Arizona Nutritional Supplements

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced that CIT Northbridge Credit served as the sole lead arranger for a senior secured credit facility for Arizona Nutritional Supplements LLC, a portfolio company of Endeavour Capital. The financing proceeds will be utilized to recapitalize the company, repay debt, and provide working capital. Arizona Nutritional Supplements, founded in 1996, manufactures vitamins and supplements. CIT Northbridge aims to support middle-market companies with flexible debt solutions ranging from $15 million to $150 million.

Positive

• CIT Northbridge Credit arranged financing to recapitalize Arizona Nutritional Supplements, enhancing liquidity.
• The deal supports Arizona Nutritional Supplements' growth strategy in the expanding nutritional supplement market.

Negative

• None.

NEW YORK, Nov. 16, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a senior secured credit facility for Arizona Nutritional Supplements LLC, a portfolio company of Endeavour Capital.

Arizona Nutritional Supplements, founded in 1996 and headquartered in Chandler, Arizona, is a leading contract and private label manufacturer of vitamins, minerals and supplements in a range of sizes and formats, including tablets, capsules, soft gels and powders. The company serves customers through a network of retailers, grocers, physician groups, direct selling and ecommerce channels.

Proceeds from the financing will be used to recapitalize the company, repay existing debt and provide working capital for continuing operations.

"Consumers today are increasingly interested in maintaining and improving their health and wellness, and we anticipate continued growth for nutritional supplements and related products," said Mike Beardall, CEO of Arizona Nutritional Supplements. "We greatly appreciated the expertise and agility of the CIT Northbridge team in arranging this financing that will enable us to continue our growth and achieve our business goals."

"Arizona Nutritional Supplements has a strong track record as a maker and distributor of a range of nutritional products to outlets across the U.S.," said Neal Legan, who leads CIT Northbridge. "We were pleased to work with the company's leadership to understand their needs and arrange this asset-based financing that 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 financing deal involving CIT Group and Arizona Nutritional Supplements?

CIT Group's Northbridge Credit arranged a senior secured credit facility for Arizona Nutritional Supplements to recapitalize the company, repay debt, and ensure working capital.

When was the financing deal announced for Arizona Nutritional Supplements?

The financing deal was announced on November 16, 2020.

What is CIT Group's role in the financing of Arizona Nutritional Supplements?

CIT Group acted as the sole lead arranger for the senior secured credit facility.

What will the proceeds from the financing be used for?

The proceeds will be used to recapitalize Arizona Nutritional Supplements, repay existing debt, and provide working capital for ongoing operations.

What is the financial range of services offered by CIT Northbridge Credit?

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