CIT Group’s Communications & Technology Finance unit served as sole lead arranger on a $25 million senior secured credit facility for Neutral Connect Networks (NCN).
Through this current financing with CIT and M/C Partners, NCN has secured up to $55 million in new debt and equity financing.
“I am excited to be working with CIT again,” said NCN CEO Paul McGinn. “Our past relationship has been very successful, and this facility will allow us to take the next step forward on NCN’s master development plan, which is now fully funded. We also continue to receive great support from our equity investor, M/C Partners, which, together with CIT, makes NCN a very strong competitor.”
“We’re extremely pleased to provide this financing in support of NCN’s continuing growth efforts,” said Tom Westdyk, managing director and group head for CIT’s Communications & Technology Finance unit. “With Paul’s leadership experience and M/C Partners’ industry expertise, NCN is well positioned to capitalize on attractive opportunities in the wireless communications infrastructure sector.”
Founded in 2016 and based in Boynton Beach, FL, NCN provides wireless communications networks for use in transportation systems, sports and entertainment venues, shopping centers, parks, business districts and other locations.
