NEW YORK, Aug. 10, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Maritime
Finance business served as sole lead arranger on a
$70 million senior secured credit
facility for MPC Container Ships, a leading provider in the feeder
container ship market segment.
MPC Container Ships operates a fleet of 64 vessels. Financing
through its secured credit facility can be used for additional
fleet equipment investments, potential acquisitions and general
corporate purposes.
"We have worked closely with CIT's Maritime Finance in the past
and are pleased to continue our association with this latest
financing, which supports the operations and growth of our company
as a leading provider in the feeder container space," said MPC
Chief Executive Officer Constantin
Baack.
"We were pleased to leverage our expertise to help empower MPC
Container Ships with the financing needed to continue its
leadership in the container shipping sector," said Evan Cohen, managing director and group head for
CIT's Maritime Finance business, part of the company's Commercial
Finance division.
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. Key
areas of focus include the tanker, bulker, container and Jones Act
shipping 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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cit-arranges-70-million-secured-credit-facility-for-mpc-container-ships-301351821.html
SOURCE CIT Group Inc.