CIT Arranges Up to $58 Million to Refinance Four Container Ships

NEW YORK, Nov. 8, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business arranged to provide up to $58 million to refinance four container ships operated by Leonhardt & Blumberg.

The financing includes both term loan and delayed draw components. Leonhardt & Blumberg is a long-standing shipowner and management firm with an existing managed fleet of more than 35 feeder vessels ranging in size from 1,000 to 3,600 TEU.

"Container ships play a vital role in moving goods to market through the global supply chain," said Mathias Gaethje, Managing Director, Leonhardt & Blumberg. "We appreciated CIT's expertise in arranging financing for these vessels."

"Leonhardt & Blumberg is well-known throughout the shipping industry for their expertise in operating and managing container ships," said Evan Cohen, managing director and group head for CIT's Maritime Finance business. "We worked closely to understand their objectives and arrange the right financing to help them reach their business goals."

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.

MEDIA RELATIONS: 
John M. Moran
212-461-5507
john.moran@cit.com

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SOURCE CIT Group Inc.