CIT Serves as Sole Lead Arranger on $26.5 Million Maritime Financing

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) has arranged $26.5 million in senior secured financing for Queen Esther Shipping Limited, with the loan secured by the container ship Queen Esther. This financing strengthens CIT's long-standing relationship with Lomar Corporation, the ship's operator. CIT's Maritime Finance division provides tailored loan solutions to a diverse global clientele of vessel owners and operators, reflecting the company's commitment to meet growing market demands in the maritime sector.

Positive

• Arranged $26.5 million in financing, enhancing market presence.
• Strengthened long-term relationship with Lomar Corporation.
• Provides tailored loan solutions for global vessel owners and operators.

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• None.

NEW YORK, Oct. 14, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on $26.5 million in senior secured financing on behalf of Queen Esther Shipping Limited.

The loan is secured by the Queen Esther, a modern container ship operated by a joint venture led by Lomar Corporation Limited, a longtime CIT client.

"We are pleased to arrange this financing for Queen Esther Shipping and extend our long-standing relationship with Lomar Corporation as it continues to build its investments in maritime container shipping to serve growing 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.

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

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SOURCE CIT Group Inc.

FAQ

What is the significance of CIT's $26.5 million financing announcement on October 14, 2021?

CIT announced that it arranged $26.5 million in senior secured financing, boosting its presence in Maritime Finance.

How does CIT's financing impact its relationship with Lomar Corporation?

The financing extends CIT's long-standing relationship with Lomar Corporation, emphasizing collaboration in maritime investments.

What type of clients does CIT's Maritime Finance division serve?

CIT's Maritime Finance division offers customized financing solutions to vessel owners and operators globally.

What collateral secures the $26.5 million loan arranged by CIT?

The loan is secured by the container ship Queen Esther operated by Lomar Corporation.