CIT Northbridge and Tiger Finance Arrange Financing of Up to $47 Million for a Leading E-Commerce Seller of Branded Products

Rhea-AI Summary

On March 29, 2022, CIT Northbridge Credit and Tiger Finance announced up to $47 million in financing for a major e-commerce seller of branded consumer products. The financing includes a $30 million revolving credit facility from CIT Northbridge, a $5 million term loan from Tiger Finance, and an optional $12 million accordion. These funds will support the client's inventory needs and growth initiatives. Neal Legan of CIT expressed confidence in the client's capabilities, highlighting their strong performance and growth potential.

Positive

• Arrangement of up to $47 million in financing to support growth.
• $30 million revolving credit facility will aid in inventory needs.
• Strong client performance noted, indicating solid business prospects.

Negative

• None.

NEW YORK, March 29, 2022 /PRNewswire/ -- CIT Northbridge Credit, as advised by CIT Asset Management, and Tiger Finance today announced they have arranged up to $47 million in financing for a leading e-commerce seller of branded consumer products.

The financing consists of a $30 million revolving credit facility provided by CIT Northbridge, a $5 million term loan provided by Tiger Finance, and an accordion for up to an additional $12 million. The loans will be used to support the client's inventory needs and provide capital for future growth opportunities.

"Our client has an outstanding track record for sourcing and selling branded products that meet consumer demand," said Neal Legan, who leads CIT Northbridge. "We were pleased to arrange this asset-based debt facility to support the growth and development of their business."

"We value the opportunity to partner with CIT and provide a holistic solution to meet our clients rapidly growing financing needs. We were impressed by the client's performance and its growth and are pleased to join in this financing to help meet the company's business objectives," said Bob DeAngelis, group head of Tiger Finance.

CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.

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 Tiger Capital Group

Tiger Capital Group provides asset valuation, advisory, and disposition services and capital solutions, through Tiger Finance, llc, to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and provide capital or convert assets to capital quickly and decisively. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, Houston and Toronto. 

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 financing was announced by CIT Northbridge and Tiger Finance on March 29, 2022?

CIT Northbridge and Tiger Finance announced up to $47 million in financing, including a $30 million revolving credit facility and a $5 million term loan.

What is the purpose of the financing arranged for the e-commerce seller?

The financing will be used to support the client's inventory needs and facilitate future growth opportunities.

Who commented on the financing arrangement and the client's performance?

Neal Legan from CIT Northbridge commented on the client's track record and growth potential.

What are the components of the financing package arranged for the client?

The financing consists of a $30 million revolving credit facility, a $5 million term loan, and an accordion for an additional $12 million.

What does CIT Northbridge Credit specialize in?

CIT Northbridge Credit specializes in providing a range of asset-based debt solutions to middle-market companies.