Wells Fargo Capital Finance’s Lender Finance division was administrative agent and lead arranger of a senior revolver to fund CIT Northbridge Credit, a new partnership that will provide revolving and term-loan commitments from $15 million to $100 million to middle-market companies across various industries and business cycles.
CIT Northbridge is a joint venture between CIT Bank and Allstate, as a part of its investment portfolio. CIT Asset Management will act as the investment advisor to the joint venture.
“This is a significant relationship managed by outstanding professionals that will greatly support the middle market,” said Andrea Petro, executive vice president and division manager for Lender Finance at Wells Fargo Capital Finance. “It was a wonderful opportunity to work with great management teams and to be a part of such a high-impact venture that will cross many industries and touch many communities.”