CIT Group announced that CIT Maritime Finance provided a $95.2 million senior secured credit facility to Heron Ventures, a joint venture between Oceanbulk Shipping and ABY Group Holding. The facility supports the purchase of a fleet of 12 drybulk vessels and related assets formerly owned by Deiulemar Shipping of Italy. Financing from CIT was provided by CIT Bank. Terms of the transaction were not disclosed.

“We viewed this transaction as an ideal opportunity to leverage our existing relationships with Heron Ventures’ partners,” said Svein Engh, mManaging mirector and Group Head of CIT Maritime Finance. “We were able to put our knowledge and experience in the sector to work to support the purchase of these attractively priced assets in what was a unique and complex transaction.”

Andrea Zana, a director of CIT Maritime Finance, added, “This acquisition was complicated by the ships being purchased through a judiciary auction sale in Naples, Italy. An especially high degree of legal due diligence, as well as tireless work by multiple parties, was demanded to meet very stringent requirements imposed by the Italian court.”

Maurizio Pavesi, director of ABY Group Holding, said, “This financing was particularly complex, and speed and certainty of execution were absolutely critical in this case. CIT’s deep industry expertise and experience, combined with their long-standing relationships and their ability to act quickly helped complete this transaction.”

Hamish Norton, CFO of Oceanbulk Shipping, said, “With effectively just over four weeks to complete the acquisition of the twelve vessels and related assets, we felt comfortable asking CIT to structure, underwrite, document and fund this transaction in such a compressed timeframe. CIT’s keen understanding of these special circumstances and their ability to act quickly was instrumental in the smooth completion of this important transaction for Heron Ventures and its partners.”

Oceanbulk Shipping is a joint venture formed in 2012 between Oceanbulk Maritime and Oaktree Capital Management to capitalize on the partners’ expertise in the dry bulk maritime sector.