CIT Serves as Sole Lead Arranger on $28 Million Maritime Financing

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced it acted as the sole lead arranger for a $28 million refinancing for Valloeby Shipping Ltd., a returning customer. This refinancing replaces a prior agreement from May 2015 and is secured by eight carriers. CIT's Maritime Finance division is focused on providing customized secured loan solutions to vessel owners globally. Evan Cohen from CIT highlighted Valloeby's operational skills and the collaborative success in achieving financing that aligns with their business objectives.

Positive

• CIT acted as sole lead arranger for a $28 million refinancing, showcasing strong market positioning.
• Valloeby Shipping Ltd. is a returning customer, indicating trust and reliability in CIT's services.
• The refinancing is secured by eight carriers, indicating lower risk for CIT.

Negative

• None.

NEW YORK, Aug. 13, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business, part of its Commercial Finance division, served as sole lead arranger on $28 million refinancing for Valloeby Shipping Ltd.

Valloeby, which is owned by a fund managed by a U.S. private equity fund sponsor, is a returning customer for CIT, which underwrote a senior secured financing for Valloeby in May 2015. This latest transaction replaces the earlier financing and is secured by the same eight carriers as in the prior agreement.

"Valloeby is well recognized for their operational skills in this important transport sector," said Evan Cohen, managing director and group head for CIT's Maritime Finance business. "It was our pleasure to work with them again to arrange financing that supports their business objectives."

Maritime Finance 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 recent refinancing deal announced by CIT?

CIT Group Inc. announced it secured $28 million in refinancing for Valloeby Shipping Ltd.

When did CIT arrange financing for Valloeby Shipping Ltd. previously?

CIT previously arranged financing for Valloeby Shipping Ltd. in May 2015.

What division of CIT facilitated the refinancing for Valloeby?

The refinancing was facilitated by CIT's Maritime Finance division.

How does the recent financing impact CIT's business?

The financing enhances CIT's portfolio and demonstrates its capability in the maritime finance sector.