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CIT Group Inc. (NYSE: CIT) has announced its role as the coordinating lead arranger for a $256 million financing of the 250-megawatt Taygete I Energy Project in Pecos County, Texas, owned by 7X Energy, Inc. The project, which has been developed by Swinerton Renewable Energy, will achieve full energization by early 2021. Some energy produced will be sold via a long-term hedge agreement to J. Aron & Company, a Goldman Sachs subsidiary. CIT's expertise in renewable energy aligns with its recognition as a leading lender in this sector.
CIT announces a partnership with One Tree Planted to plant 50,000 trees in the Angeles National Forest as part of the Sawmill Liebre Reforestation Project. This initiative aims to restore post-fire habitats and promote environmental sustainability. The trees will be planted in early 2021, contributing to the recovery of unique Southern California ecosystems. CIT's collaboration has already resulted in the planting of 118,000 trees in California and Florida over three years, reaffirming its commitment to environmental initiatives.
CIT Group Inc. (NYSE: CIT) has announced a $25 million revolving credit facility for KMS, LLC, a major wholesaler of consumer product closeouts. This collaboration between CIT's Asset-Based Lending and Sponsor Finance divisions aims to support KMS's operations amid increasing demand for its diverse product line, including clothing and electronics. KMS, which has a growing online drop-ship business, emphasizes the importance of this financing in its continued development. CIT's expertise in understanding client needs led to this tailored financing solution.
CIT Group Inc. (NYSE: CIT) announced a $20 million senior secured credit facility for Laurel Grocery Company LLC, arranged by CIT Northbridge Credit. Laurel Grocery, based in London, Kentucky, serves over 160 independent grocers across several states. The funds will be used to repay debt, support ongoing operations, and finance growth initiatives. The CEO of Laurel Grocery noted an increase in demand due to changed consumer behaviors, while CIT Northbridge's leadership highlighted their commitment to understanding client needs for successful financing solutions.
CIT Group Inc. (NYSE: CIT) announced a $75 million senior secured asset-based credit facility for One Call Corporation, a prominent service provider in the workers' compensation sector. This facility aims to bolster One Call's liquidity and support its ongoing business development. The financing, arranged by CIT's Healthcare Finance group, will be utilized for general corporate purposes. One Call, owned by investment firms KKR, Blackstone Credit, and Chatham Asset Management, enhances its operational capacity with this partnership, receiving additionally treasury management and capital markets services from CIT.
CIT Group Inc. (NYSE: CIT) has announced a $38 million senior secured loan to facilitate the acquisition of the apartment complex Lakeside at Winter Park in Florida. The complex features 288 garden-style units on over 26 acres, offering amenities like a pool, fitness center, and sports courts. The financing will support both the acquisition and ongoing renovations. CIT's Real Estate Finance business emphasizes its strategy of investing in residential properties in key metropolitan areas, reinforcing its commitment to the Greater Orlando market.
CIT Group Inc. (NYSE: CIT) announced that CIT Northbridge Credit served as the sole lead arranger for a senior secured credit facility for Arizona Nutritional Supplements LLC, a portfolio company of Endeavour Capital. The financing proceeds will be utilized to recapitalize the company, repay debt, and provide working capital. Arizona Nutritional Supplements, founded in 1996, manufactures vitamins and supplements. CIT Northbridge aims to support middle-market companies with flexible debt solutions ranging from $15 million to $150 million.
CIT Group Inc. (NYSE: CIT) announced its role as joint lead arranger and bookrunner for a $70 million financing for Estyle Holdings Inc., which specializes in beauty and personal care products. The financing package, which includes a revolving credit facility and term loans, is aimed at supporting the company's recapitalization by Clarion Capital Partners. CIT's President of Commercial Finance expressed excitement about the partnership and future growth opportunities for Estyle. The deal demonstrates CIT's commitment to providing financial solutions in challenging environments.
CIT Group Inc (NYSE: CIT) announced the launch of its Two Million Meals campaign, doubling its previous commitment to fight hunger in the wake of COVID-19. This initiative, in partnership with Feeding America, aims to provide two million meals to individuals facing food insecurity. The campaign invites customers and followers to participate and runs until December 15, 2020. Last year's efforts helped exceed the goal of one million meals by 50%. CIT emphasizes the growing need for food assistance and encourages community involvement through its social media platforms.
CIT has announced a grant to the Urban League of San Diego County (ULSDC) aimed at enhancing digital access for underrepresented individuals amid the COVID-19 pandemic. The funding is part of the Federal Home Loan Bank of San Francisco's 2020 AHEAD Program, which supports nonprofits in California and neighboring states. This grant will assist ULSDC in transitioning to a virtual environment, enabling them to continue offering essential services like education and counseling. CIT emphasizes its commitment to empowering communities through this partnership.
