CIT Northbridge Provides $30 Million Credit Facility to Online Luxury Accessories Retailer

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced a $30 million credit facility provided by CIT Northbridge Credit to an online luxury accessories retailer. This asset-based financing includes a senior secured revolving credit facility, with funds allocated for refinancing existing debt and general corporate needs. CIT Northbridge aims to support middle-market companies with flexible debt solutions ranging from $15 million to $150 million. The transaction highlights CIT's expertise in client financing solutions.

Positive

• CIT Northbridge Credit secured a $30 million credit facility, indicating strong demand for financing in the luxury retail sector.
• The credit facility supports refinancing of existing debt, potentially improving the retailer's financial stability.

Negative

• None.

NEW YORK, June 22, 2021 /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 $30 million credit facility to an online retailer of luxury accessories.

The asset-based financing consists of a senior secured revolving credit facility. Proceeds will be used to refinance existing debt and for general corporate purposes.

"We were pleased to work with our client to arrange financing to advance their business objectives," said Neal Legan, who leads CIT Northbridge. "This asset-based transaction is another demonstration of our expertise in understanding client needs and our agility in finding the right financial solution."

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.

Cafferty & Company served as independent advisor to the borrower on the transaction.
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 announced by CIT Group?

CIT Group announced a $30 million credit facility provided by CIT Northbridge Credit to an online luxury accessories retailer.

How will the $30 million credit facility be used?

The proceeds will be used to refinance existing debt and for general corporate purposes.

What type of financing does CIT Northbridge Credit offer?

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

Who was the advisor for the borrower in this transaction?

Cafferty & Company served as the independent advisor to the borrower.