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CIT Leads $56 Million Financing for Commercial Shipping Vessels
January 9, 2020
Source: PR Newswire
CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business led the arrangement of $56 million in financing toward the acquisition of two large commercial shipping tankers, which are employed on long-term charters.
The financing is part of a transaction involving Advantage Tankers and Fleetscape Capital. Both Advantage and Fleetscape are active in commercial shipping operations and financing, respectively, and are existing CIT clients. CIT served as lead arranger, agent and hedge provider on the financing, and also provided capital markets and treasury management services.
"We appreciated the expertise and agility of CIT in developing a proposal that met the financing needs for this important transaction," said Tugrul Tokgoz, CEO of Advantage Tankers.
"We were pleased to work closely again with Fleetscape and Advantage Tankers and look forward to supporting them in the future," said Evan Cohen, managing director and group head for CIT's Maritime Finance business.
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 solutions, 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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