CIT Serves as Sole Lead Arranger on $70 Million Maritime Financing

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced on October 1, 2020, that its Maritime Finance unit was the sole lead arranger for a $70 million senior secured financing for International Container Company Holdings Limited. This financing is backed by three container vessels operated by Maersk A/S. Evan Cohen, managing director of Maritime Finance, expressed satisfaction in supporting the company's fleet expansion to meet market demand. CIT offers tailored secured loan solutions to global vessel owners through its Commercial Finance division.

Positive

• Secured $70 million financing indicates strong demand for vessel financing.
• CIT's involvement as sole lead arranger enhances its reputation in the maritime finance sector.

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• None.

NEW YORK, Oct. 1, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $70 million senior secured financing on behalf of International Container Company Holdings Limited.

The loan is secured by three large container vessels operated by Maersk A/S, a direct subsidiary of AP Moller Maersk, which owns and operates more than 700 container vessels worldwide.

"We are pleased to arrange this financing for International Container Company Holdings and its various owners as they build their fleet of container ships to serve 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 amount of financing CIT arranged for International Container Company Holdings?

CIT arranged $70 million in financing.

Who operates the vessels securing the loan arranged by CIT?

The vessels are operated by Maersk A/S.

When was the financing announcement made by CIT Group Inc.?

The announcement was made on October 1, 2020.

What type of financing did CIT provide for International Container Company Holdings?

CIT provided senior secured financing.

What does CIT's Maritime Finance division offer?

CIT's Maritime Finance division offers customized solutions for secured loans to vessel owners and operators.