NEW YORK, May 10, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Maritime
Finance business served as sole lead arranger on a
$22 million financing for a portfolio
of five container ships.
The financing was arranged on behalf of Madison Marine Corp.,
which is partially refinancing debt on five 4,000-TEU container
ships. All five vessels are covered by existing charter agreements
with a leading container liner company.
"The global supply chain continues to rely on container ships as
a critical transportation mode in bringing goods to market," said
Sebastien Knecht de Massy, Founder
of Madison Marine. "In the
specialized maritime field, we appreciated CIT's agility and
expertise in valuing our container ships as assets and arranging
this financing."
"Madison Marine is an experienced
and skilled operator of commercial container ships," said
Evan Cohen, managing director and
group head of CIT's Maritime Finance business. "We were
pleased to work with them again to support their financing
objectives."
Maritime Finance, part of CIT's Commercial
Finance division, 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.