CIT Serves as Sole Lender on $75 Million Revolving Credit Facility for Skillsoft
CIT Group Inc. (NYSE: CIT) announced a $75 million revolving credit facility as the sole lender for Skillsoft, a leader in learning and talent management solutions. This financing aims to support Skillsoft's business operations and growth objectives, enhancing its financial resources during a critical phase. Skillsoft's chief administrative officer emphasized CIT's agility and expertise in securing the financing, which will help the company innovate and adapt in a challenging economic environment. CIT's Asset-Based Lending business provides tailored solutions to meet clients' working capital needs.
- Secured a $75 million revolving credit facility, strengthening Skillsoft's balance sheet.
- CIT's role as a sole lender showcases its capability and trustworthiness in handling significant financing.
- Dependence on external financing to support business operations may indicate underlying financial challenges.
NEW YORK, Sept. 30, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business served as agent and sole lender on a
Based in Boston, Massachusetts, Skillsoft enables organizations to unlock the potential in their employees by delivering a range of digital learning and talent management solutions. The financing will be used to support continuing business operations and growth objectives.
"We were impressed by CIT's agility and expertise in arranging this financing at a critical moment in Skillsoft's evolution," said John Frederick, Skillsoft's chief administrative officer. "With our stronger balance sheet and significantly enhanced financial resources, we will continue our focus on investing in best-in-class solutions and innovation, supporting our customers' drive to develop adaptability, agility and resilience in their organization to rapidly evolve in an ever-changing world."
"Asset-based financing was the right solution for Skillsoft at a key juncture as the company continues to support its customers while managing through today's challenging economic environment," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "We were pleased to provide the credit facility Skillsoft needed to pursue its business goals."
CIT's Asset-Based Lending business meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.
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.
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