CIT Serves as Sole Lender on $35 Million Financing for Icelandair

December 9, 2019

Source: CIT Group Inc

CIT Group Inc. (NYSE: CIT) today announced that its Aviation Lending business, part of its Commercial Finance division, served as sole lender and facility agent on a $35 million secured financing for Icelandair Group, the national carrier of Iceland.

"We were pleased to work with CIT on securing this financing that further strengthens the financial position of Icelandair Group and represents the first transaction involving Icelandair and CIT," said Eva Sóley Guðbjörnsdóttir, chief financial officer for Icelandair Group.

"We worked closely with Icelandair to understand their requirements and structure a financing agreement that meets their needs and advances them toward their business objectives," said Jennifer Villa Tennity, president of CIT's Aviation Lending business.

Aviation Lending, part of CIT's Commercial Finance division, offers senior secured loans focused on fixed-wing commercial aircraft, including narrowbody, widebody and regional jets. The business structures short- and long-term financing solutions to meet the needs of aviation clients.

About Icelandair Group

Icelandair Group operates in the international aviation and tourism sectors. With Iceland as a hub, Icelandair's route network centres around the unique location of the country midway between North America and Europe, connecting a number of destinations to and from Iceland as well as across the Atlantic. Since its foundation in 1937, Icelandair has steadily expanded its route network and, in 2018, transported 4.1 million passengers to 21 destinations in North America and 23 destinations in Europe, employed around 4,600 full-time employees and generated total revenue of USD 1.5 billion. Icelandair is a part of Icelandair Group, which also operates a regional airline in Iceland, an airfreight and logistics business, aircraft leasing and consulting services, in addition to investments in tourism. Icelandair Group is listed on NASDAQ Iceland (ICEAIR).

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, approximately $50 billion in assets as of Sept. 30, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank, a division of CIT Bank, N.A. Discover more at cit.com/about.