NEW YORK, June 3, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Asset-Based
Lending team served as administrative agent for a new
$185 million senior secured,
asset-based credit facility for Orscheln Farm and Home LLC, a
leading retailer of farm supplies, home improvement essentials and
general merchandise.
Headquartered in Moberly,
Missouri, Orscheln Farm and Home LLC operates 167 stores
selling livestock feed and equipment, pet food and pet supplies,
apparel, automotive, livestock equipment and fencing, tools, lawn
and garden supplies, as well as farm and general hardware in 11
Midwestern states. The retailer focuses on keeping a strong
presence in the communities it serves as well as those surrounding
communities.
The new credit facility, which replaces and extends an existing
facility, will be used for growth and general corporate purposes.
CIT also provides the company with a package of treasury
management services.
"This expanded credit facility comes at the right time as we
continue to advance our strategic initiatives," said Mark Riebe, CFO of Orscheln Farm and Home LLC.
"We appreciated CIT's agility and willingness to make this
financing come together."
"This transaction highlights CIT's expertise and leadership in
providing asset-based financing solutions that offer increased
flexibility and lower funding costs while supporting the working
capital and strategic needs of our customers," said David Harnisch, president of Commercial Finance
for CIT. "CIT has a long legacy and reputation as a seasoned
asset-based lender and we intend to continue expanding this part of
our business."
"We're pleased to support Orscheln Farm & Home with this
asset-based credit facility and look forward to continuing to work
with them as their business grows," said Chris Esposito, managing director, Asset-Based
Lending.
CIT's Asset-Based Lending team, part of the Commercial
Finance division, provides clients with the working capital
they need to help manage and grow their businesses. Asset-based
capital structures can enable clients to obtain the financing they
need and help lower their funding costs, reduce risk and increase
profits.
About CIT
CIT is a leading national bank
focused on empowering businesses and personal savers with the
financial agility to navigate their goals. CIT Group Inc. (NYSE:
CIT) is a financial holding company with over a century of
experience and operates a principal bank subsidiary, CIT Bank, N.A.
(Member FDIC, Equal Housing Lender). The company's commercial
banking segment includes commercial financing, community
association banking, middle market banking, equipment and vendor
financing, factoring, railcar financing, treasury and payments
services, and capital markets and asset management. CIT's consumer
banking segment includes a national direct bank and regional branch
network. Discover more at cit.com/about.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.