CIT Northbridge Credit, through its investment advisor CIT Asset Management, served as sole lead arranger on a $24 million senior secured credit facility for Pocono ProFoods, a foodservice distributor in the Northeast and Middle Atlantic regions.
CIT Northbridge Credit, the joint venture financing unit of CIT Group, served as sole lead arranger on a $53.8 million senior secured credit facility for Circle 8 Crane Services.
CIT Northbridge Credit served as sole lead arranger on a $17 million senior secured revolving and term loan credit facility for Walker Zanger.
CIT Group’s Northbridge Credit joint venture served as sole lead arranger on a $30 million revolving credit facility for Alliance Time Holdings.
CIT Northbridge Credit served as sole lead arranger on a three-year, $20 million senior secured revolving and term loan credit facility for Arkos Field Services, a Houston-based provider of aftermarket services to the energy industry.
In the face of continuing bank regulation, alternative lending companies are launching to fill in the gaps. ABF Journal contributor Hugh Larratt-Smith examines the types of loans these lenders are providing and shows how ABL lenders can benefit by teaming up with these new players.
CIT appointed Penny Fine as managing director to lead business development for CIT Northbridge Credit, the company’s recently announced joint venture with Allstate. Fine served as EVP and head of National Restructuring at CIT from 2005 to 2008.
CIT Bank created a strategic partnership with Allstate. The joint venture, CIT Northbridge Credit, will provide revolving and term loan commitments to middle market companies.