NEW YORK, June 10, 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 $17.4 million credit
facility for Hynes Industries, a provider of custom metal
solutions.
Based in Youngstown, Ohio,
Hynes Industries manufactures highly engineered custom metal
products, including strip steel, rolled form shapes, flat wire and
slotted angle systems, for customers across a broad range of
industries. Proceeds from the financing will be used to support
ongoing operations and finance growth initiatives.
"As the U.S. economy continues to rebound from the pandemic, we
are seeing increased demand for our custom metal products by
original equipment manufacturers and other customers," said
Rick Organ, chief executive officer
of Hynes Industries. "We appreciated the expertise of the CIT
Northbridge team in arranging the financing to support our
operations and empower us to serve our customers."
"Hynes Industries has a longstanding reputation for high-quality
products, cost-effective solutions and outstanding customer
service," said Neal Legan, who leads
CIT Northbridge. "We worked closely with the company's leadership
to understand their needs and develop a financing package that
advances 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.