NEW YORK, Dec. 2, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that CIT Northbridge Credit,
as advised by CIT Asset Management LLC, served as sole lead
arranger on a $20 million senior
secured credit facility for Laurel Grocery Company LLC.
Headquartered in London,
Kentucky, Laurel Grocery is a wholesale distributor of
grocery products to more than 160 independent grocers in
Georgia, Indiana, Kentucky, Ohio, Tennessee and West
Virginia. The company, founded in 1922, also provides a
range of business services, including accounting, insurance,
merchandising, advertising and third-party warehousing and
logistics.
Proceeds will be used to repay debt, finance growth initiatives
and support ongoing operations.
"With consumers cooking and dining more at home, we're seeing
increased demand by grocers for the products they need to keep
their shelves stocked with perishable and non-perishable items,"
said Laurel Grocery CEO Winston
Griffin. "We appreciated the expertise of the CIT
Northbridge team in arranging the financing we use to support our
operations and help our customers succeed."
"Laurel Grocery is a leading distributor with a long tradition
of serving independent grocers in the South and Midwest," said
Neal Legan, who leads CIT
Northbridge. "We were pleased to work closely with the company's
leadership to understand their needs and develop the financing to
support their business strategy."
CIT Northbridge Credit is a trusted financial partner
supporting middle-market companies with a broad range of flexible
asset-based debt solutions. A joint venture advised by CIT Asset
Management, it provides revolving and term loan commitments from
$15 million to $150 million to companies across various
industries and business cycles, and serves primarily as sole
lender, agent, club participant or co-lender.
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.