Daily News: May 16, 2018

CIT Arranges $30MM Facility for Alliance Time


CIT Group’s Northbridge Credit joint venture served as sole lead arranger on a $30 million revolving credit facility for Alliance Time Holdings.

New York City-based Alliance Time is a data-driven global distributor of luxury brand watches serving both the e-commerce and wholesale markets.

“This new credit facility provided by CIT Northbridge refinances a previous line of credit and provides Alliance with additional liquidity, growth capital and operational flexibility,” said Neal Legan, lead on CIT Northbridge.

“We greatly appreciated CIT Northbridge Credit’s expertise and flexibility in arranging our new secured credit facility, which will help us continue to pursue our strategic growth plans,” said Mozes Hoch, founder and CEO of Alliance Time.

CIT Northbridge Credit is a joint venture managed by CIT’s Asset Management unit. It supports middle-market companies with a broad range of asset-based debt solutions, including $15 million to $150 million revolvers and term loans.