CIT Northbridge Credit, as advised by CIT Asset Management, served as sole lead arranger on a $30 million credit facility to an online retailer of luxury accessories. The asset-based financing consists of a senior secured revolving credit facility. The borrower will use proceeds from the facility to refinance existing debt and for general corporate purposes.
“We were pleased to work with our client to arrange financing to advance their business objectives,” Neal Legan, CEO of CIT Northbridge, said. “This asset-based transaction is another demonstration of our expertise in understanding client needs and our agility in finding the right financial solution.”
Cafferty & Company served as independent advisor to the borrower on the transaction.