CIT Northbridge Serves as Sole Lead Arranger on $50 Million Credit Facility for Intermetal Rebar LLC

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced a $50 million credit facility led by CIT Northbridge Credit for Intermetal Rebar LLC. This facility supports Intermetal, a Miami-based rebar distributor, amid rising demand due to economic recovery. CFO Joseph Tedesco highlighted the importance of this financing for operations, while Neal Legan from CIT Northbridge emphasized their commitment to understanding client needs. CIT Northbridge provides flexible asset-based debt solutions ranging from $15 million to $150 million, catering to various industries.

Positive

• CIT Northbridge Credit arranged a $50 million credit facility for Intermetal Rebar, indicating strong collaboration.
• Increased demand for rebar products supports business growth for Intermetal Rebar.
• CIT Northbridge is positioned to offer flexible financing solutions, enhancing its market presence.

Negative

• None.

NEW YORK, Aug. 16, 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 $50 million credit facility for Intermetal Rebar LLC.

Headquartered in Miami, Florida, Intermetal Rebar is a leading importer and distributor of reinforcing bar ("rebar") and other structural products to distributors, fabricators, and contractors in the non-residential construction industry.

"We are seeing increased demand for our products as the economy continues its post-pandemic rebound," said Joseph Tedesco, chief financial officer of Intermetal Rebar. "We appreciated the expertise of the CIT Northbridge team in arranging the financing to support our operations and empower us to serve our customers."

"Intermetal Rebar is well positioned in its industry to gain from the ongoing economic growth," 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 $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 CIT's recent financing announcement?

CIT Group announced a $50 million credit facility for Intermetal Rebar LLC.

Who is the lead arranger for the Intermetal Rebar credit facility?

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

What is the significance of the $50 million credit facility for Intermetal Rebar?

The credit facility supports Intermetal Rebar's operations and growth amid increased demand post-pandemic.

What range of financing solutions does CIT Northbridge offer?

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