CIT Arranges Senior Credit Facility for FPA WhiteHawk III

Rhea-AI Summary

CIT, a division of First Citizens Bank, has arranged a senior secured credit facility for the FPA WhiteHawk III-Plus Master Fund. This funding aims to enhance the Fund's investments by leveraging its existing portfolio and aiding future growth. WhiteHawk Capital, the Fund's sub-investment manager, praised CIT’s expertise in facilitating this credit arrangement. The credit facility is expected to support the Fund's strategy in sourcing asset-based loans for both public and private companies, contributing to their investment goals.

Positive

• CIT arranged a senior secured credit facility for the FPA WhiteHawk III-Plus Master Fund.
• The credit facility supports the Fund's strategy to source asset-based loans.
• CIT's reputation as a premier asset-based lender is reinforced.

Negative

• None.

NEW YORK, Jan. 25, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Asset-Based Lending business arranged a senior secured credit facility for FPA WhiteHawk III-Plus Master Fund L.P. (the "FPA WhiteHawk Fund" or the "Fund") to facilitate the Fund's investments.

The FPA WhiteHawk Fund seeks to earn attractive returns by sourcing and structuring asset-based loans to private and public companies. The credit facility leverages the Fund's existing portfolio and provides capital for future growth.

"CIT has a longstanding reputation as a premier asset-based lender," said Robert Louzan, President, WhiteHawk Capital Partners LP ("WhiteHawk Capital"), the sub-investment manager to the Fund. "We appreciated their expertise and agility in arranging this credit facility to support the Fund's growth."

"The Fund's portfolio managers from WhiteHawk Capital, and its investment adviser, First Pacific Advisors LP, are well-recognized in the industry for their success in identifying attractive asset-based lending targets," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending Business. "We were pleased to arrange this credit facility and look forward to supporting future opportunities as they arise."

Asset-Based Lending, a part of CIT's Commercial Finance 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 division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

About First Pacific Advisors, LP
FPA, a Los Angeles-based institutional money management firm, employs a disciplined approach to value investing, prudently seeking superior long-term returns while maintaining a focus on capital preservation. As of December 31, 2021, FPA manages approximately $29 billion across multiple strategies. For more information visit fpa.com.

About WhiteHawk Capital Partners
WhiteHawk Capital Partners, LP ("WhiteHawk") is a private credit investment manager focused on asset-based financing solutions to middle market public and private companies across a variety of industries. WhiteHawk provides senior secured financings under a variety of structures for purposes of refinancing, recapitalization, growth, acquisition, restructuring, bridge and DIP/emergence. For more information visit whitehawkcapital.com.

MEDIA RELATIONS: 
John M. Moran
212-461-5507
John.Moran2@firstcitizens.com

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the credit facility arranged by CIT for the FPA WhiteHawk Fund?

CIT arranged a senior secured credit facility to support the FPA WhiteHawk III-Plus Master Fund's investment activities.

How does the FPA WhiteHawk Fund utilize the credit facility?

The Fund leverages the credit facility to enhance its existing portfolio and facilitate future growth.

What is the significance of CIT's role in the asset-based lending market?

CIT is recognized as a premier asset-based lender, facilitating significant credit arrangements for investment funds.

What are the investment strategies of the FPA WhiteHawk Fund?

The FPA WhiteHawk Fund focuses on sourcing and structuring asset-based loans to private and public companies.