CIT Serves as Lead Arranger in Financing for Dana Transport
CIT said it arranged a $50 million senior secured term loan to Avenel, NJ-based Dana Transport, a transport industry carrier and servicing company.
CIT Capital Equipment Finance served as lead arranger, sole book runner, collateral agent and administrative agent in the transaction. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
“This transaction highlights CIT’s ability to develop customized financing solutions for our middle market clients,” said Vince Belcastro, managing director and Group head of CIT Equipment Finance. “This financing for Dana Transport further supports their ongoing growth strategy and enables the company to leverage its fleet of specialized trailers and gain additional liquidity.”
Ronald Dana, president of Dana Transport, said, “CIT thoroughly understood our business and was able to provide prompt financing tailored to our needs. They were flexible and fast – two aspects that helped finalize this transaction. We look forward to continuing our relationship with CIT.”