CIT Northbridge Provides $145 Million Credit Facility to Natural Gas Compression Systems

Rhea-AI Summary

CIT, part of First Citizens Bank, announced a $145 million credit facility for Natural Gas Compression Systems Inc. on April 21, 2022. This facility aims to support the company’s operations in contract compression across the U.S. and Canada, amidst strong industry demand. AJ Yuncker, CEO of Natural Gas Compression Systems, appreciates CIT Northbridge's agility in arranging this financing. Neal Legan, head of CIT Northbridge, noted favorable industry dynamics and the company's strong positioning in the market.

Positive

• CIT arranged a significant $145 million credit facility for Natural Gas Compression Systems, enhancing its operational capacity.
• The facility supports the company amidst strong demand for contract compression services.

Negative

• None.

NEW YORK, April 21, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $145 million credit facility for Natural Gas Compression Systems Inc.

Based in Traverse City, Michigan, Natural Gas Compression Systems is a full-service gas compression equipment and service business that provides contract compression and recurring field service throughout the United States and Canada.

"There is currently a strong demand for contract compression, and we appreciate CIT Northbridge's expertise and agility in arranging financing that enables us to deliver for our customers," said AJ Yuncker, CEO and president of Natural Gas Compression Systems.

"Natural Gas Compression Systems is well-positioned due to favorable industry dynamics and the company's ability to serve its customers," said Neal Legan, who leads CIT Northbridge. "We were pleased to collaborate with Natural Gas Compression Systems to arrange financing that best suits their needs."

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.

MEDIA RELATIONS:
Lexa Tutela
212-461-5305
lexa.tutela@firstcitizens.com

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the credit facility amount provided by CIT Northbridge to Natural Gas Compression Systems?

CIT Northbridge provided a credit facility amounting to $145 million to Natural Gas Compression Systems.

When was the credit facility announced?

The credit facility was announced on April 21, 2022.

Who is the CEO of Natural Gas Compression Systems?

AJ Yuncker is the CEO and president of Natural Gas Compression Systems.

How does the credit facility impact Natural Gas Compression Systems?

The credit facility will enhance the operational capacity of Natural Gas Compression Systems to meet strong industry demand.

Which company is advised by CIT Asset Management in this credit arrangement?

Natural Gas Compression Systems Inc. is the company advised by CIT Asset Management in this credit arrangement.