NEW YORK, Aug. 13, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Maritime
Finance business, part of its Commercial
Finance division, served as sole lead arranger on $28 million refinancing for Valloeby Shipping
Ltd.
Valloeby, which is owned by a fund managed by a U.S. private
equity fund sponsor, is a returning customer for CIT, which
underwrote a senior secured financing for Valloeby in May 2015. This latest transaction replaces the
earlier financing and is secured by the same eight carriers as in
the prior agreement.
"Valloeby is well recognized for their operational skills in
this important transport sector," said Evan
Cohen, managing director and group head for CIT's Maritime
Finance business. "It was our pleasure to work with them again to
arrange financing that supports their business objectives."
Maritime Finance offers customized solutions for secured
loans to a global client base of vessel owners and operators.
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.