NEW YORK, March 30, 2021 /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 $23 million credit
facility for Nova Compression, LLC (a successor company to MGC
Equipment Company, LLC).
Founded in December 2010 and
headquartered in Kilgore, Texas,
Nova Compression supports clients in Louisiana and Texas with equipment rentals, installation,
maintenance and repair of gas compressors. Proceeds from the
financing will help Nova execute a strategic acquisition of
additional equipment to better support customers.
"Nova means 'new,' and the name underscores our commitment to
launching a new and exciting chapter in our company's history. We
have added a large amount of high-quality equipment, which means
we'll be able to greatly ramp up services in multiple states. Of
course, Nova is scaling up while maintaining the commitment to
service and our customers' production, both of which have always
been our hallmarks," said Jonathan
Mitchell, CEO of Nova. "We appreciated the expertise of the
CIT Northbridge team in arranging this financing as we look forward
to additional growth opportunities by continuing to help our
clients succeed."
"We are pleased to work with Nova to arrange this financing as
they continue to expand their fleet and geographic capacity to meet
customer demand," said Neal Legan,
who leads CIT Northbridge.
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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cit-northbridge-serves-as-sole-lead-arranger-on-23-million-credit-facility-for-nova-compression-301258165.html
SOURCE CIT Group Inc.