NEW YORK, Feb. 23, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Maritime
Finance business served as sole lead arranger on a
$45 million financing for a portfolio
of seven container ships.
The financing was arranged on behalf of a fund managed by
Mangrove Partners, a New York
City-based value-oriented investment manager with
substantial expertise is shipping assets. All seven vessels are
covered by existing charters with leading container ship
operators.
"CIT's maritime expertise was evident throughout the financing
process," said Nathaniel August,
President of Mangrove Partners. "We appreciated CIT's agility in
bringing this transaction to a successful conclusion."
"Mangrove Partners is well-known for its investment expertise
and knowledge of the shipping industry," said Evan Cohen, managing director and group head for
CIT's Maritime Finance business. "It was a pleasure to assist
them with this transaction and we look forward to other
opportunities that may arise in the future."
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.