NEW YORK, Sept. 19, 2018 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Maritime Finance unit
served as sole lead arranger on a $93.7
million senior secured credit facility for Tanker Solutions
LLC, a shipping company managed by Prime Marine, a leading operator
of international shipping vessels, and its U.S.-based private
equity sponsor.
The new credit facility was used to consolidate and refinance
existing debt on 12 product tankers.
"It was a privilege to support Prime Marine with this credit
facility. Prime is truly a best-in-class shipping operator with a
great track record and long history through several business
cycles, and we appreciate the opportunity to be their financing
partner," said Burt Feinberg, group
head of CIT's Commercial & Industrial Finance unit.
"We counted on CIT to use its knowledge of the maritime industry
and its financing expertise to create the right credit facility to
meet our needs and they delivered," said Michael Chalkias, co-CEO of Prime Marine.
Maritime Finance, part of CIT's Commercial Finance division,
offers customized solutions for secured loans, bareboat charters
and more to owners and operators. Key areas of focus include
international, Jones Act and blue water shipping.
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.
CIT MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.