CIT Commercial Services, a subsidiary of First Citizens Bank, increased a New York-based fashion company’s discretionary lending facility to $100 million to support the acquisition of an entity that specializes in children’s apparel.
The fashion company, a longtime client of CIT, focuses on designing, importing and distributing apparel, handbags and accessories. The financing provided by CIT will support the fashion company’s business operations and growth plans as it integrates and improves upon its recently acquired entity.
“In arranging this financing, we worked closely with the client to tailor a solution aligned with their business goals,” Tom Fingleton, managing director and Northeast regional manager for CIT Commercial Services, said. “We have a longstanding relationship with this client, and we welcome the opportunity to continue to support their business growth strategy.”