NEW YORK, Oct. 21, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Technology, Media
and Telecommunications business served as sole lead arranger
and administrative agent on up to $95
million in financing toward the relaunch of noted
Hollywood film production company
Castle Rock Entertainment.
Castle Rock was founded in 1987 by Academy Award nominated
director Rob Reiner, who will remain
as CEO of the relaunched firm, along with Martin Shafer, Andrew
Scheinman, Glenn Padnick and
Alan Horn. Reiner will be joined by
Michele Reiner and Matthew George as co-presidents. The transaction
includes a senior secured credit facility for $65 million with an accordion feature for up to
$30 million more.
Castle Rock has produced more than 125 films, including such
noteworthy titles as "When Harry Met Sally," "A Few Good Men,"
"Miss Congeniality" and "The Shawshank Redemption." In addition, it
produced "Seinfeld," widely regarded as one of the most successful
comedy series in television history.
"I couldn't be more thrilled," said Rob
Reiner. "The Castle Rock lighthouse has always signaled a
safe harbor for the creative community. With this relaunch, we will
be able to continue the tradition of providing an environment for
filmmakers to do their best work."
"We are pleased to support the relaunch of Castle Rock
Entertainment, one of the most iconic brands in film and
television, as it prepares to extend its long track record of
success in the entertainment industry," said Thomas Westdyk, managing director and group head
for CIT's Technology, Media and Telecommunications business.
"Our deal team of David Oliver,
Jennifer Del Preore and Kevin Clemenza worked closely with our client to
understand their objectives and structure the right financing."
CIT's Technology, Media and Telecommunications business
supports the development, expansion, equipment, and strategic
acquisition needs of clients in the telecommunications, technology,
media and information services industries. The group, part of CIT's
Commercial Finance division, provides recurring revenue, cash flow,
real estate and asset-based senior debt solutions to middle market
companies throughout the United
States.
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-serves-as-sole-lead-arranger-for-up-to-95-million-in-financing-for-relaunch-of-castle-rock-entertainment-301405150.html
SOURCE CIT Group Inc.