Daily News: April 9, 2014

CIT Provides $55MM Financing to Tanker Solutions

CIT Group announced that CIT Maritime Finance provided a $55 million senior secured credit facility to Tanker Solutions, a joint venture between Prime Tanker Management and Castlelake.

The facility supports the purchase of a fleet of four modern LR1 (long-range) product tankers. Financing from CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“We’re pleased to extend our lending relationship with Tanker Solutions, having helped finance the acquisition of a LR1 product tanker in 2013,” said Svein Engh, managing director and group head of CIT Maritime Finance. “Prime and Castlelake are experienced participants in the petrochemical industry and marine transportation. We look forward to further building this relationship.”