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