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CIT Serves as Sole Lead Arranger on $22 Million Financing for Container Ships

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May 10, 2021
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PR Newswire

NEW YORK, May 10, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $22 million financing for a portfolio of five container ships.

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The financing was arranged on behalf of Madison Marine Corp., which is partially refinancing debt on five 4,000-TEU container ships. All five vessels are covered by existing charter agreements with a leading container liner company.

"The global supply chain continues to rely on container ships as a critical transportation mode in bringing goods to market," said Sebastien Knecht de Massy, Founder of Madison Marine. "In the specialized maritime field, we appreciated CIT's agility and expertise in valuing our container ships as assets and arranging this financing."

"Madison Marine is an experienced and skilled operator of commercial container ships," said Evan Cohen, managing director and group head of CIT's Maritime Finance business. "We were pleased to work with them again to support their financing objectives."

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.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

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SOURCE CIT Group Inc.

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