NEW YORK, Aug. 17, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Asset-Based
Lending business, working in conjunction with its Sponsor
Finance group, served as lead arranger on senior secured
credit facility for von Drehle Corporation, a leading maker of high
quality paper towel, tissue and dispensing products.
von Drehle, headquartered in Hickory,
North Carolina, used the proceeds to refinance debt and for
general corporate purposes.
"The global pandemic has increased public understanding about
the importance of cleaning and sanitation, and von Drehle has the
right products to meet the needs of industrial, commercial and
institutional customers and suppliers," said Randy Bergman, von Drehle president and CEO. "We
appreciated CIT's agility and expertise in arranging this financing
as we continue to focus on supporting our customers."
"We worked closely with von Drehle to understand their needs and
were pleased to leverage our asset-based lending expertise to
provide them with the financing to advance their business strategy
at this important time," said Chris
Esposito, managing director and group head for Asset-Based
Lending.
"von Drehle is a leader in providing quality paper products to
the away-from-home market," said Jeff
Kilrea, managing director and group head for CIT's Sponsor
Finance business. "We were pleased to help arrange financing
and establish a relationship with this family-owned business as it
extends its long track record of success."
CIT's Asset-Based Lending business helps meet clients'
working capital needs by offering innovative structures that can
reduce funding costs and lower operational risks while improving
earnings by leveraging accounts receivable, inventory or fixed
assets as collateral.
CIT's Sponsor Finance group provides cash flow and asset
based senior debt solutions for private-equity backed transactions
in the middle market throughout the
United States. Private equity sponsors across numerous
industries turn to CIT's Sponsor Finance group for the capital they
need to acquire and grow their businesses.
Both Asset-Based Lending and Sponsor Finance are part of CIT's
Commercial Finance division, which provides asset-based
lending, debt solutions and numerous other financial services for
middle-market clients across a wide range of industry sectors.
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.