Daily News: February 28, 2017

CIT Amends Revolver Supporting Sale of Aircraft Leasing Business


CIT Group entered into an amended, restated revolving credit and guaranty agreement that included an extension of the final maturity date of lender commitments to January 25, 2019 and reduced total commitments from $1.5 billion to $1.4 billion and a further reduction of the lenders’ total commitments to $750 million, effective upon consummation of the sale of the company’s commercial aircraft leasing business to Avolon Holdings Limited (Air Disposition).

Air Disposition is targeted to close by the end of the first quarter of 2017, pursuant to the purchase and sale agreement, dated October 6, 2016, among C.I.T. Leasing, Park Aerospace Holdings, Bohai Capital Holding, the company and Avolon Holdings.

According to a related 8-K filing, Bank of America served as administrative agent and L/C issuer on the revolving credit and guaranty agreement. Merrill Lynch, Barclays Bank, Credit Suisse Securities, Deutsche Bank Securities, JPMorgan Chase and Morgan Stanley Senior Funding served as joint lead arrangers and joint bookrunners.