CIT‘s asset-based lending business served as the sole lender on a $75 million revolving credit facility for Skillsoft.
Based in Boston, Skillsoft provides digital learning and talent management solutions. It will use the financing to support continuing business operations and growth objectives.
“We were impressed by CIT’s agility and expertise in arranging this financing at a critical moment in Skillsoft’s evolution,” John Frederick, chief administrative officer for Skillsoft, said. “With our stronger balance sheet and significantly enhanced financial resources, we will continue our focus on investing in best-in-class solutions and innovation, supporting our customers’ drive to develop adaptability, agility and resilience in their organization to rapidly evolve in an ever-changing world.”
“Asset-based financing was the right solution for Skillsoft at a key juncture as the company continues to support its customers while managing through today’s challenging economic environment,” Chris Esposito, managing director and group head for CIT’s asset-based lending business, said. “We were pleased to provide the credit facility Skillsoft needed to pursue its business goals.”
