CIT Serves as Sole Lead Arranger on $45 Million Financing for Container Ships

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced it acted as the sole lead arranger for a $45 million financing related to seven container ships. Managed by Mangrove Partners, a New York City-based investment firm, these vessels are backed by existing charters with leading operators. CIT's Maritime Finance division facilitated this transaction, highlighting their expertise in maritime financing and potential for future collaborations with Mangrove Partners.

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• Secured $45 million financing for seven container ships.
• Existing charters with leading operators provide stability.

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• None.

NEW YORK, Feb. 23, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $45 million financing for a portfolio of seven container ships.

The financing was arranged on behalf of a fund managed by Mangrove Partners, a New York City-based value-oriented investment manager with substantial expertise is shipping assets. All seven vessels are covered by existing charters with leading container ship operators.

"CIT's maritime expertise was evident throughout the financing process," said Nathaniel August, President of Mangrove Partners. "We appreciated CIT's agility in bringing this transaction to a successful conclusion."

"Mangrove Partners is well-known for its investment expertise and knowledge of the shipping industry," said Evan Cohen, managing director and group head for CIT's Maritime Finance business. "It was a pleasure to assist them with this transaction and we look forward to other opportunities that may arise in the future."

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 was CIT's recent financing announcement on February 23, 2021?

CIT announced a $45 million financing for a portfolio of seven container ships, serving as the sole lead arranger.

Who managed the fund for the container ships financed by CIT?

The fund was managed by Mangrove Partners, a New York City-based investment manager.

What industry does CIT's Maritime Finance division focus on?

CIT's Maritime Finance division specializes in financing solutions for vessel owners and operators.

What are the benefits of the financing arranged by CIT?

The financing is backed by existing charters with leading container ship operators, indicating financial stability.