CIT Serves as Sole Lead Arranger on $22 Million Financing for Container Ships

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced it arranged a $22 million financing deal for Madison Marine Corp., which is refinancing debt on five 4,000-TEU container ships. These vessels are already under charter agreements with a major container liner. CIT's Maritime Finance team demonstrated expertise in asset valuation during this transaction. The financing reflects the ongoing reliance on container ships in the global supply chain, emphasizing CIT's role in facilitating maritime operations.

Positive

• CIT served as the sole lead arranger for a $22 million financing, showcasing its leadership in Maritime Finance.
• The financing supports Madison Marine's refinancing needs, indicating strong demand in the maritime sector.

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• None.

NEW YORK, May 10, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $22 million financing for a portfolio of five container ships.

The financing was arranged on behalf of Madison Marine Corp., which is partially refinancing debt on five 4,000-TEU container ships. All five vessels are covered by existing charter agreements with a leading container liner company.

"The global supply chain continues to rely on container ships as a critical transportation mode in bringing goods to market," said Sebastien Knecht de Massy, Founder of Madison Marine. "In the specialized maritime field, we appreciated CIT's agility and expertise in valuing our container ships as assets and arranging this financing."

"Madison Marine is an experienced and skilled operator of commercial container ships," said Evan Cohen, managing director and group head of CIT's Maritime Finance business. "We were pleased to work with them again to support their financing objectives."

Maritime Finance, part of CIT's 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.

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

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SOURCE CIT Group Inc.

FAQ

What financing deal did CIT Group announce on May 10, 2021?

CIT Group announced a $22 million financing deal for Madison Marine Corp. to refinance debt on five container ships.

How many container ships were involved in CIT's recent financing?

The financing involved five 4,000-TEU container ships.

Who was the financing arranged for by CIT Group?

The financing was arranged for Madison Marine Corp.

What is the significance of the financing arranged by CIT Group?

The financing highlights CIT's expertise in maritime finance and the ongoing reliance on container ships in global supply chains.