NEW YORK, Sept. 10, 2018 /PRNewswire/ -- CIT Group Inc.
(NYSE: CIT) today announced that its Communications &
Technology Finance unit served as sole lead arranger for a senior
secured credit facility to Neutral Connect Networks LLC.
Founded in 2016 and based in Boynton
Beach, Florida, Neutral Connect Networks (NCN) is a leading
provider of wireless communications networks for use in
transportation systems, sports and entertainment venues, shopping
centers, parks, business districts and other locations.
Through this current financing with CIT and M/C Partners, NCN
has secured up to $55 million in new
debt and equity financing.
"I am excited to be working with CIT again," said NCN Chief
Executive Officer Paul McGinn. "Our
past relationship has been very successful, and this facility will
allow us to take the next step forward on NCN's master development
plan, which is now fully funded. We also continue to receive great
support from our equity investor, M/C Partners, which together with
CIT makes NCN a very strong competitor."
"We're extremely pleased to provide this financing in support of
NCN's continuing growth efforts," said Tom
Westdyk, managing director and group head for CIT's
Communications & Technology Finance unit. "With Paul's
leadership experience and M/C Partners' industry expertise, NCN is
well positioned to capitalize on attractive opportunities in the
wireless communications infrastructure sector."
CIT's Communications & Technology Finance group provides
cash flow and asset based senior debt for communications and
technology companies in the middle market throughout the United States.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a
financial holding company with approximately $50 billion in assets as of June 30, 2018. Its principal bank subsidiary, CIT
Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately
$30 billion of deposits and more than
$40 billion of assets. CIT provides
financing, leasing, and advisory services principally to
middle-market companies and small businesses across a wide variety
of industries. It also offers products and services to consumers
through its Internet bank franchise and a network of retail
branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. For more
information, visit cit.com and follow us on Twitter, LinkedIn,
YouTube and Facebook.
About Neutral Connect Networks
Founded in 2016,
Neutral Connect Networks, LLC is an independent developer, owner
and operator of wireless communications networks offering neutral
hosting in addition to traditional attachment. NCN's management
team has over 75 years of aggregate experience in the wireless
infrastructure industry. www.neutralconnect.com.
About M/C Partners
M/C Partners is a private equity
firm focused exclusively on the communications, media, and
information technology sectors. The firm has invested over
$2.2 billion of capital into nearly
100 companies in those sectors. M/C-backed companies include
Cavalier Telephone, Denovo, Ensono, Everstream, Fusepoint, ICG
Communications, Involta, Legendary Pictures, Lightower, MetroPCS,
NuVox, and Zayo Group. The firm has strong institutional backing
from the nation's leading pension funds and endowments as well as a
long track record of success. M/C Partners is headquartered in
Boston. For more information,
visit www.mcpartners.com.
CIT MEDIA
RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
NCN MEDIA RELATIONS:
Stephanie Goodrich
561-349-8989
sgoodrich@neutralconnect.com
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SOURCE CIT Group Inc.