CIT Provides $27 Million Financing to Virgo Investment Group
July 30 2014 - 8:30AM
Business Wire
Transaction Represents New Customer
Relationship for CIT Aerospace
CIT Group Inc. (NYSE:CIT), a global leader in aircraft finance,
today announced that CIT Aerospace provided a $27 million senior
secured credit facility to Virgo Investment Group LLC, a private
investment management firm, to finance its acquisition of four
Boeing 737-700 aircraft leased to GOL, an airline based in Rio de
Janeiro, Brazil. Each aircraft is equipped with CFM56 engines.
The financing was provided by CIT Bank, the U.S. commercial bank
subsidiary of CIT. Terms of the transaction were not disclosed.
“We are pleased to establish this new relationship with Virgo
Investment Group that highlights our ability to effectively finance
mid-life aircraft,” said John Morabito, Senior Vice President,
Financial Institutions Group, CIT Commercial Air. “We look forward
to continuing to put our knowledge to work for our customers and
growing our relationship with Virgo Investment Group in the
future.”
Mark Perez, Partner of Virgo Investment Group, said, “Our
aviation strategy focuses on opportunistic situations for mid-life
aircraft where we can maximize exit optionality and optimize
risk-adjusted returns. We’re pleased to acquire these aircraft for
GOL, the leading low-cost airline in Brazil. CIT’s deep industry
knowledge and expertise helped to close this transaction in a
timely manner. We look forward to working with CIT again in the
future.”
About Virgo Investment Group
Virgo Investment Group is an opportunistic, private investment
firm with a value investment philosophy, a bias toward the
preservation of capital and an emphasis on generating a current
yield on invested capital. Virgo invests in dislocation and change,
targeting less efficient market segments and identified themes in
the firm’s core industries. A theme-based approach to idea
generation coupled with proactive sourcing, a flexible mandate and
creative transaction structuring skills allow the firm to create
differentiated opportunities and optimize risk-adjusted returns
across market investment cycles. Founded in 2009, Virgo has over
$500 million under management and has completed 34 investments to
date within its core industries, which include aviation and niche
industrials, media and entertainment, specialty finance (including
real estate), health care and energy. virgo-llc.com
CIT Aerospace
CIT Aerospace provides customized leasing and secured financing
to operators of commercial and business aircraft. Our financing
services include operating leases, single investor leases,
leveraged financing, sale and leaseback arrangements, as well as
loans secured by equipment. cit.com/aerospace
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is
the U.S. commercial bank subsidiary of CIT Group
Inc. (NYSE:CIT). It provides lending and leasing to the small
business, middle market and transportation sectors. CIT Bank
(BankOnCIT.com) offers a variety of savings options designed to
help customers achieve their financial goals. As of June 30, 2014,
it had approximately $14 billion of deposits and more than $18
billion of assets. cit.com/CITBank
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with approximately $35 billion in financing and leasing assets. It
provides financing, leasing and advisory services to its clients
and their customers across more than 30 industries. CIT maintains
leadership positions in middle market lending, factoring, retail
and equipment finance, as well as aerospace, equipment and rail
leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC),
BankOnCIT.com, offers a variety of savings options designed to help
customers achieve their financial goals. cit.com
CIT MEDIA RELATIONS:C. Curtis Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, 973-597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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