Daily News: October 16, 2014

CIT Provides $31.8MM Financing to Epic Gas

CIT Group announced that CIT Maritime Finance provided a $31.8 million senior secured credit facility to Epic Gas to acquire two pressurized liquefied petroleum gas (LPG) tankers on the secondary market.

Headquartered in Singapore, Epic Gas owns and operates a fleet of seaborne gas carriers that transport LPG and petrochemicals. Financing from CIT was provided by CIT Bank. Terms of the transaction were not disclosed.

“Including this transaction, CIT has provided north of $78 million of financing to Epic Gas in the past year allowing them to further build their portfolio of LPG tankers,” said Svein Engh, managing director and group head of CIT Maritime Finance. “Since we began our relationship with Epic Gas in 2013, the company has grown to become one of the largest owners and operators of pressurized LPG carriers in the market. We look to further building this relationship and supporting their future growth.”