CIT Group’s asset-based lending business, which is part of the company’s commercial finance division, served as joint lead arranger on a $150 million asset-based revolving credit facility for Steve Madden, which is a designer and marketer of footwear, accessories and apparel for women, men and children.
“We appreciated CIT’s agility and expertise in helping arrange this credit facility that will further increase our liquidity and provide us with even more financial flexibility” Edward Rosenfeld, CEO of Steve Madden, said.
“We are pleased to support Steve Madden with asset-based financing to further enhance its capital structure and pursue its business strategy,” Chris Esposito, managing director and group head for asset-based lending at CIT, said.
