Daily News: January 8, 2019

CIT Arranges $53.8MM Facility for Circle 8 Crane Services


CIT Northbridge Credit, the joint venture financing unit of CIT Group, served as sole lead arranger on a $53.8 million senior secured credit facility for Circle 8 Crane Services.

Based in Houston, Circle 8 is a full-service crane rental company serving the Southwest United States with mobile cranes ranging from 50-ton to 550-ton.

The new credit facility was used to refinance an existing credit facility and provide for future growth.

“CIT Northbridge drew upon its extensive industry expertise to structure a flexible lending facility around this unique collateral pool and the business plan of Circle 8,” said Neal Legan, who leads CIT Northbridge.

“CIT Northbridge’s expertise was extremely helpful in developing a financing arrangement that meets our current needs and provides for future growth opportunities,” said Damon Green, Circle 8 chief financial officer.

CIT Northbridge Credit supports middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture managed by CIT Group’s Asset Management unit, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles.