CIT Serves as Sole Lead Arranger of $56 Million Financing for Container Ships

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced a successful $56 million senior secured financing arrangement for Seamax Container Shipping II LLC. This financing is secured by four containerships operated by Seamax, which has a fleet of 12 modern containerships. CIT's Maritime Finance business played a crucial role in this deal, demonstrating agility and industry expertise. The partnership reflects the strong market demand for Seamax's services, enhancing CIT's reputation in providing tailored financing solutions for the maritime sector.

Positive

• Secured $56 million financing strengthens CIT's position in Maritime Finance.
• CIT continues to establish partnerships with existing clients like Seamax.

Negative

• None.

NEW YORK, Jan. 14, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $56 million senior secured financing on behalf of Seamax Container Shipping II LLC.

The loan is secured by four containerships operated by Seamax Shipping, an existing CIT client. Seamax currently operates a fleet of 12 modern containerships in major trade lines worldwide.

"We were impressed by CIT's agility and industry knowledge as we worked to secure financing for these core assets of our fleet," said Ron Petrunoff, Managing Partner, Seamax Capital Management LLC.

"We are pleased to again collaborate with Seamax to support their financing needs as their containerships continue to serve strong market demand," said Evan Cohen, managing director and group head for CIT's Maritime Finance business.

CIT's Maritime Finance business, part of its Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators.

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.

About Seamax
Seamax Capital was founded in 2012 to make investments in the transportation sector.  Seamax currently operates a fleet of 12 modern, post-Panamax containerships totaling over 100,000 TEU of container capacity. The fleet is deployed in major trade lanes and provides the world's top shipping lines with over 1.2 million deadweight tonnage in carrying capacity. Learn more at www.Seamaxcapital.com. 

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com

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SOURCE CIT Group Inc.

FAQ

What was CIT's recent financing deal?

CIT Group arranged a $56 million senior secured financing for Seamax Container Shipping II LLC.

How many containerships are involved in CIT's latest financing?

The financing is secured by four containerships operated by Seamax.

What is the significance of the $56 million financing by CIT?

This financing underscores CIT's expertise and agility in the Maritime Finance sector.

When was the financing arrangement for Seamax announced?

The financing was announced on January 14, 2021.

Who is the managing partner of Seamax Capital Management?

Ron Petrunoff is the Managing Partner at Seamax Capital Management LLC.