CIT Arranges Acquisition Financing for ABC Funding, Inc.
October 06 2008 - 8:30AM
Business Wire
CIT Group Inc. (NYSE: CIT), a leading global commercial finance
company, today announced that it arranged a senior secured credit
line for ABC Funding, Inc. (ABC) (OTCBB: AFDG) to complete its $42
million acquisition of Voyager Gas Corporation, a Texas-based
energy company. Financing for the deal was arranged by CIT Energy,
a unit of CIT, which served as administrative agent. �Middle market
energy companies are actively making deals and demonstrating their
expertise at finding and developing proved reserves in the United
States,� said Peter Gaw, President of CIT Energy. �We are proud of
the financial solution we provided and look forward to continuing a
relationship with ABC.� Robert P. Munn, Chief Executive Officer of
ABC, said, �This acquisition was vital to our continued growth, and
makes ABC, which we are renaming to Cross Canyon Energy Corp., a
substantial independent oil and gas player in South Texas. Our team
from CIT Energy understood our needs and the value this acquisition
would provide over the long-term. The counsel and financing we
received from CIT Energy played a key role in seeing this deal
through to completion.� EDITOR�S NOTE: Individuals interested in
receiving corporate news releases can register at
http://newsalerts.cit.com or subscribe to the RSS feed at
http://rss.cit.com. In addition, CIT podcasts are available at
www.5minutecapital.com. About ABC Funding, Inc. ABC Funding, Inc.
focuses on the acquisition, exploitation, and development of crude
oil and natural gas properties. It has ownership interests in oil
and natural gas lease blocks in the Orcones Field covering
approximately 14,300 net acres located in Duval County, Texas. The
company was founded in 2004 and is headquartered in Houston, Texas.
About CIT Energy CIT Energy is a leading provider of value added
financing and advisory products and services to high growth,
entrepreneurial companies throughout the energy sector. It covers
the full value chain including: Exploration & Production,
Oilfield Services, Midstream, Power, Energy Technologies and Metal
& Mining. By combining extensive industry experience,
structuring expertise and underwriting capacity, CIT Energy
provides comprehensive solutions to our clients most critical
strategic and funding needs. About CIT CIT (NYSE: CIT) is a global
commercial finance company that provides financial products and
advisory services to more than one million customers in over 50
countries across 30 industries. A leader in middle market
financing, CIT has more than $70 billion in managed assets and
provides financial solutions for more than half of the Fortune
1000. A member of the S&P 500 and Fortune 500, it maintains
leading positions in asset-based, cash flow and Small Business
Administration lending, equipment leasing, vendor financing and
factoring. The CIT brand platform, Capital Redefined, articulates
its value proposition of providing its customers with the
relationship, intellectual and financial capital to yield infinite
possibilities. Founded in 1908, CIT is celebrating its Centennial
throughout 2008. www.cit.com
African Discovery (PK) (USOTC:AFDG)
Historical Stock Chart
From Jan 2025 to Feb 2025
African Discovery (PK) (USOTC:AFDG)
Historical Stock Chart
From Feb 2024 to Feb 2025