CIT Bank Closes $1 Billion Funding Facility
CIT Bank said that it has closed a $1 billion committed U.S. vendor finance conduit facility with Barclays Bank as administrative agent and three additional banks as committed lenders. The facility provides an additional source of funding for CIT Bank’s U.S. vendor finance assets.
The private facility will allow the U.S. vendor finance business to fund both existing assets and new originations within CIT Bank. The revolving period of the facility expires in June 2014 with a final maturity in 2021.