The asset-based lending business of CIT, a division of First Citizens Bank, provided a $35 million revolving credit facility to Utopia Deals.
CIT’s asset-based lending business served as lead arranger on financing for Kenneth Cole Productions, a men’s and women’s fashion brand.
CIT served as sole lender on a $35 million senior secured credit facility for D.P. Nicoli, a provider of trench shoring rental equipment to public utilities, municipalities and contractors in California, Oregon, Washington and Idaho.
The asset-based lending business of CIT, a division of First Citizens Bank, arranged a senior secured credit facility for FPA WhiteHawk III-Plus Master Fund to facilitate the fund’s investments.
CIT’s asset-based lending business served as joint lead arranger on a $1.16 billion financing for PRO Unlimited, an integrated workforce management platform provider.
CIT’s asset-based lending business served as agent and sole lender on a $20 million loan and revolving credit facility for GEE Group, a provider of professional staffing services and human resources solutions.
CIT hired Blake Goddard as a business development officer for its asset-based lending business. Goddard will be based in Atlanta and focus on asset-based lending business development across the Southeast.
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.
CIT is an established name in the asset-based lending industry, but that hasn’t stopped it from continuing to evolve and innovate. In 2020 alone, the bank expanded its ABL division, hired a new ABL team leader and continued to close deals with its CIT Northbridge Credit joint venture, setting itself up for continued success in the marketplace.