CIT Serves as Joint Lead Arranger for $70 Million Financing for Personal Care Manufacturer

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced its role as joint lead arranger and bookrunner for a $70 million financing for Estyle Holdings Inc., which specializes in beauty and personal care products. The financing package, which includes a revolving credit facility and term loans, is aimed at supporting the company's recapitalization by Clarion Capital Partners. CIT's President of Commercial Finance expressed excitement about the partnership and future growth opportunities for Estyle. The deal demonstrates CIT's commitment to providing financial solutions in challenging environments.

Positive

• CIT acted as joint lead arranger and bookrunner for a significant $70 million financing.
• The financing supports Estyle's recapitalization, indicating CIT's strong market position.
• CIT's proactive engagement in challenging market conditions highlights its reliability.

Negative

• None.

NEW YORK, Nov. 12, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Sponsor Finance business, part of the Commercial Finance division, served as joint lead arranger and joint bookrunner for a $70 million financing on behalf of Estyle Holdings Inc., makers of Eco Style hair gel and a wide range of other beauty and personal care products.

Based in Jacksonville, Florida, Estyle sells its products through distributors, beauty supply stores and leading national retail chains, targeting multicultural consumers.

The new $70 million senior secured financing consists of a revolving credit facility, delayed draw term loan and a term loan to support the recapitalization of the company by Clarion Capital Partners.

"We are pleased to partner with CIT on this transaction," said Edward Martin, Principal of Clarion Capital Partners. "CIT worked proactively and constructively through a difficult environment to support this transaction. We look forward to continuing that partnership approach with CIT to support the business to achieve its future strategic plans."

"We are pleased to arrange financing to support Clarion's investment in Estyle and are looking forward to supporting the company's continued growth," said David Harnisch, CIT's president of Commercial Finance and Real Estate.

CIT's Sponsor Finance group provides cash flow and asset based senior debt for private-equity backed transactions in the middle market 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

 

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SOURCE CIT Group Inc.

FAQ

What was the purpose of CIT's $70 million financing for Estyle Holdings?

The financing supports Estyle's recapitalization by Clarion Capital Partners.

What type of financial products did CIT provide for Estyle Holdings?

CIT provided a revolving credit facility and term loans.

Who is the president of CIT's Commercial Finance division?

David Harnisch is the president of CIT's Commercial Finance division.

When was CIT's financing announcement made?

The announcement was made on November 12, 2020.

What company did CIT serve as joint lead arranger for?

CIT served as joint lead arranger for Estyle Holdings Inc.