CIT Serves as Co-Lead Arranger on $165 Million Financing for iEnergizer

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced it acted as co-lead arranger and joint bookrunner for a $165 million financing for iEnergizer. This package includes a $150 million term loan and a $15 million revolving credit facility aimed at refinancing existing debt and funding shareholder dividends. iEnergizer, established in 2000, provides technology-enabled services across various sectors including gaming and healthcare. CIT's financing enhances iEnergizer's operational flexibility, supporting its growth ambitions.

Positive

• CIT acted as co-lead arranger and joint bookrunner for a $165 million financing.
• The financing will assist iEnergizer in refinancing existing debt and funding dividends, enhancing its financial stability.

Negative

• None.

NEW YORK, Feb. 2, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications business served as co-lead arranger and joint bookrunner for a $165 million financing on behalf of iEnergizer, a leading technology services and media solutions company.

The financing, which includes a $150 million term loan and a $15 million revolving credit facility, will be used to refinance existing debt and fund a dividend to shareholders.

Founded in 2000, iEnergizer provides technology-enabled services to clients across a wide range of industries, including gaming, healthcare, publishing, travel, and financial services.

"We worked closely with iEnergizer to understand its objectives and were happy to support this financing, given its world-class management team," said Thomas Westdyk, managing director and group head for CIT's Technology, Media and Telecommunications business. "This new financing provides the company with increased flexibility in managing its operations and growth."

CIT's Technology, Media and Telecommunications business supports the development, expansion, equipment, and strategic acquisition needs of clients in the telecommunications, technology, media and information services industries. The group, part of CIT's Commercial Finance division, provides recurring revenue, cash flow, real estate and asset-based senior debt solutions to middle market companies throughout the United States.

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-serves-as-co-lead-arranger-on-165-million-financing-for-ienergizer-301219342.html

SOURCE CIT Group Inc.

FAQ

What financing did CIT Group arrange for iEnergizer?

CIT Group arranged a $165 million financing package for iEnergizer, which includes a $150 million term loan and a $15 million revolving credit facility.

When did CIT announce the financing deal for iEnergizer?

CIT announced the financing deal on February 2, 2021.

What will the financing be used for?

The financing will be used to refinance existing debt and fund dividends to iEnergizer's shareholders.

What is iEnergizer known for?

iEnergizer provides technology-enabled services to various industries, including gaming, healthcare, publishing, travel, and financial services.

Why is CIT's financing significant for iEnergizer?

The financing provides iEnergizer with increased flexibility to manage its operations and support growth.