Daily News: October 11, 2018

CIT Serves as Sole Lead Arranger on $15M Maritime Loan

CIT Group’s Maritime Finance unit served as sole lead arranger on a $15 million senior secured loan for MRC Maritime Holdings, a ship-owning entity controlled by a private New York City-based investment fund manager.

The loan partially finances the purchase of two containerships, which will be operated in a pool run by a prominent European ship manager.

“We are pleased to arrange this loan on behalf of MRC Maritime Holdings as they establish their presence in the maritime shipping industry,” said Burt Feinberg, group head of CIT’s Commercial & Industrial Finance unit. “We look forward to future opportunities to work together as the company grows its business.”

Maritime Finance, part of CIT’s Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators. Key areas of focus include the tanker, bulker, container and Jones Act shipping sectors.