CIT Serves as Sole Lead Arranger on $34.25 Million Financing for Dry Bulk Ship Portfolio

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) has arranged a $34.25 million financing package for a portfolio of six dry bulk vessels on behalf of Globus Maritime Limited. This financing primarily aims to refinance existing debt on four Supramax and two Panamax vessels, which are currently engaged in charters. Globus Maritime's CEO highlighted the strong demand for shipping services, while CIT's Maritime Finance group emphasized their commitment to supporting quality shipping operators. This move reinforces CIT's position in the maritime finance sector.

Positive

• Successfully arranged $34.25 million financing, strengthening CIT's role in maritime finance.
• Financing supports Globus Maritime's operations, indicating a robust demand for shipping services.

Negative

• None.

NEW YORK, May 12, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $34.25 million financing for a portfolio of six dry bulk vessels.

The financing was arranged on behalf of Globus Maritime Limited, a leading integrated dry bulk shipping operator. The majority of the loan will refinance existing debt on a portfolio of four Supramax and two Panamax dry bulk vessels, all of which are currently employed on short-term or medium-term charters.

"Demand is robust for shipping services to support the global supply chain," said Athanasios ("Thanos") Feidakis, President and CEO of Globus Maritime Limited. "We appreciated CIT's maritime expertise and agility in arranging this financing for our portfolio of dry bulk ships."

"Globus Maritime is known throughout the industry for its experience as a top-level shipping operator and the quality of its shipping assets," said Evan Cohen, managing director and group head for CIT's Maritime Finance group. "We were pleased to support their ongoing operations and growth by arranging this financing."

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 has CIT arranged for Globus Maritime Limited?

CIT Group Inc. arranged a $34.25 million financing package for Globus Maritime Limited's dry bulk vessel portfolio.

When was the financing announcement made by CIT?

The financing announcement was made on May 12, 2021.

What is the purpose of the $34.25 million financing by CIT?

The purpose is to refinance existing debt on a portfolio of six dry bulk vessels.

Which vessels are involved in CIT's financing for Globus Maritime?

The financing involves four Supramax and two Panamax dry bulk vessels.

What does CIT's Maritime Finance group focus on?

CIT's Maritime Finance group offers customized financing solutions for vessel owners and operators.