CIT Northbridge Credit Serves as Sole Lender on $50 Million Credit Facility for CITIES Market Studios

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced a $50 million senior secured revolving credit facility arranged by CIT Northbridge Credit for CITIES Market Studios. This facility is intended to support CITIES in managing and growing their business, which specializes in consumer product strategies across digital and physical markets. CIT Northbridge Credit offers asset-based debt solutions ranging from $15 million to $150 million, primarily serving middle-market companies. CEO Marty Hawk expressed gratitude for CIT's expertise in facilitating this credit arrangement.

Positive

• CIT Northbridge Credit arranged a $50 million credit facility, enhancing liquidity for CITIES Market Studios.
• The credit facility will support CITIES in managing and growing its business.

Negative

• None.

NEW YORK, June 25, 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 $50 million senior secured revolving credit facility for CITIES Market Studios.

Based in Minneapolis, Minnesota, CITIES is a global consumer product and retail strategy company that collaborates with retailers, brands and inventors to develop and execute strategies, products and programs for the digital and physical markets.

"We greatly appreciated the agility and expertise of CIT Northbridge in arranging this asset-based credit facility that will empower us to continue to manage and grow our business," said Marty Hawk, CEO of CITIES Market Studios.

"CITIES Market Studios has a proven track record of working closely with leading retailers and supporting clients across a wide range of product categories, including video games," said Neal Legan, who leads CIT Northbridge. "We are pleased to work with them to arrange a credit facility that meets their needs and supports their 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

View original content to download multimedia:http://www.prnewswire.com/news-releases/cit-northbridge-credit-serves-as-sole-lender-on-50-million-credit-facility-for-cities-market-studios-301083645.html

SOURCE CIT Group Inc.

FAQ

What is the recent credit facility announcement by CIT Group?

CIT Group announced a $50 million senior secured revolving credit facility for CITIES Market Studios.

Who arranged the $50 million credit facility for CITIES Market Studios?

CIT Northbridge Credit served as the sole lead arranger for the credit facility.

What type of company is CITIES Market Studios?

CITIES Market Studios is a global consumer product and retail strategy company.

What are the financial capabilities of CIT Northbridge Credit?

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