CIT Northbridge Serves as Sole Lead Arranger on $45 Million Credit Facility for MVP Payroll Financing LLC

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced a $45 million senior secured credit facility arranged by CIT Northbridge Credit for MVP Payroll Financing LLC. This funding aims to support MVP's staffing and administrative services amidst increasing demand in the market. CIT Northbridge, a joint venture of CIT Asset Management, specializes in flexible asset-based debt solutions for middle-market companies. This collaboration underscores CIT's commitment to empowering businesses and responding to evolving economic conditions.

Positive

• Secured a $45 million senior secured credit facility, enhancing liquidity for MVP Payroll Financing.
• CIT Northbridge's expertise in arranging financing supports MVP's operational growth.
• Increased demand for staffing solutions indicates a strengthening economic environment, potentially benefiting CIT.

Negative

• None.

NEW YORK, Sept. 21, 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 $45 million senior secured credit facility for MVP Payroll Financing LLC.

Based in Chandler, Arizona, MVP Payroll Financing provides business clients with staffing and administrative solutions covering human resources, payroll, workers' compensation and more.

"The continuing economic rebound is leading to growing demand for third-party staffing solutions and associated managed services," said Alex Campos of MVP Payroll Financing. "We appreciated the expertise of the CIT Northbridge team in arranging this financing to support our operations and empower us to serve our customers."

"We worked closely with the company's leadership to understand their needs and develop a financing package that advances their business strategy," said Neal Legan, who leads CIT Northbridge.

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 did CIT Group announce on September 21, 2021?

CIT Group announced a $45 million senior secured credit facility for MVP Payroll Financing LLC.

What is the purpose of the credit facility arranged by CIT Northbridge?

The credit facility aims to support MVP Payroll Financing's operations in staffing and administrative services.

How does the credit facility benefit MVP Payroll Financing?

It enhances their liquidity and ability to meet increasing demand in the staffing sector.

What type of company is MVP Payroll Financing?

MVP Payroll Financing provides staffing and administrative solutions including payroll and human resources.

What range of financing does CIT Northbridge Credit offer?

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