CIT Group’s asset-based lending business committed to $25 million in financing while serving as joint lead arranger on an asset-based credit facility of up to $145 million for a commercial finance company serving government contractors.
The client provides solutions to U.S. federal government contractors via receivables financing, unbilled financing and purchase order financing. It supports both small businesses and large investment-grade prime contractors on U.S. government projects. The transaction includes a revolving credit facility of $80 million with an accordion feature for up to $65 million more.
“Asset-based financing solutions are the right answer for many businesses seeking the funding needed to achieve their business objectives,” Chris Esposito, managing director and group head of CIT’s asset-based lending business, said. “At CIT, we are well known for our long experience and expertise in developing asset-based lending structures that support clients.”
