CIT Northbridge Serves as Sole Lead Arranger on $17.4 Million Credit Facility for Hynes Industries
CIT Group Inc. (NYSE: CIT) announced the arrangement of a $17.4 million credit facility for Hynes Industries, a manufacturer of custom metal products, through CIT Northbridge Credit. Based in Youngstown, Ohio, Hynes Industries will utilize the funds to support ongoing operations and growth initiatives, responding to increased demand as the U.S. economy recovers from the pandemic. CIT Northbridge Credit specializes in flexible asset-based debt solutions for middle-market companies, providing loans ranging from $15 million to $150 million.
- CIT Northbridge arranged a significant $17.4 million credit facility, enhancing Hynes Industries' operational funding.
- The financing supports growth initiatives, indicating a strategic investment in business expansion.
- None.
NEW YORK, June 10, 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
Based in Youngstown, Ohio, Hynes Industries manufactures highly engineered custom metal products, including strip steel, rolled form shapes, flat wire and slotted angle systems, for customers across a broad range of industries. Proceeds from the financing will be used to support ongoing operations and finance growth initiatives.
"As the U.S. economy continues to rebound from the pandemic, we are seeing increased demand for our custom metal products by original equipment manufacturers and other customers," said Rick Organ, chief executive officer of Hynes Industries. "We appreciated the expertise of the CIT Northbridge team in arranging the financing to support our operations and empower us to serve our customers."
"Hynes Industries has a longstanding reputation for high-quality products, cost-effective solutions and outstanding customer service," said Neal Legan, who leads CIT Northbridge. "We worked closely with the company's leadership to understand their needs and develop a financing package that advances 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
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-serves-as-sole-lead-arranger-on-17-4-million-credit-facility-for-hynes-industries-301309362.html
SOURCE CIT Group Inc.
FAQ
What is the amount of the credit facility arranged by CIT for Hynes Industries?
What will Hynes Industries use the credit facility for?
Which division of CIT arranged the credit facility?
What industries does Hynes Industries serve?
What range of loans does CIT Northbridge Credit provide?
