Daily News: June 11, 2013

CIT Jt Lead Arranger in Centerbridge Partners Financing

CIT announced that it provided a senior secured credit facility to Aquilex, the parent company of Aquilex HydroChem, a provider of industrial cleaning solutions to the petrochemical, refinery, power and pulp and paper markets. Aquilex is majority-owned by affiliates of Centerbridge Partners, a private investment firm.

CIT Corporate Finance served as joint lead arranger and joint bookrunner for the transaction. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

“This transaction reflects our continued ability to help Centerbridge and its portfolio of companies grow,” said Jim Conheeney, managing director, CIT Corporate Finance, Commercial & Industrial. “We’ve maintained a strong relationship with Centerbridge over the years and look forward to growing that relationship in the years to come.”

Kyle Cruz, senior managing director at Centerbridge Partners, said, “CIT’s deep industry knowledge and flexible financing structures played a key role in this transaction, which provides Aquilex Hydrochem additional resources to further expand its full suite of cleaning services to blue chip customers on a national scale.”