CIT Provides $95 Million in Financing for Major Hispanic TV Network Acquisition

NEW YORK, May 2 /PRNewswire-FirstCall/ -- CIT Group Inc. , a leading global provider of commercial and consumer financing solutions, today announced that it has provided $95 million in senior secured credit to InterMedia Partners, L.P., to complete its $130 million acquisition of LIN Television Corporation's assets in Puerto Rico. The financing was completed on behalf of CIT Communications, Media and Entertainment, a unit of CIT.

As part of the transaction, InterMedia acquired WAPA-TV, one of the oldest television broadcasters in the Caribbean and the regional news leader and leading provider of local original entertainment programming in Puerto Rico; WJPX-TV, a full-power station that offers MTV programming in Puerto Rico; and WAPA America, which provides Spanish-language satellite and cable service to more than one million subscribers in the United States.

"The financing CIT provided to complete this acquisition will enable InterMedia to take advantage of the significant growth in the Hispanic media market," said Jim Hudak, Senior Managing Director of CIT Communications, Media and Entertainment. "The combination of CIT's industry knowledge and structuring expertise and InterMedia's programming savvy and vision positions WAPA well to provide value in the marketplace."

Leo Hindery Jr., Managing Partner of InterMedia Partners, said, "The WAPA platform of stations will allow us to create a Spanish-language television network in the U.S. that will cater to the rapidly growing and underserved non-Mexican Hispanic television audience. With CIT's assistance, we plan to strengthen WAPA's programming schedule and, with complementary assets, employ WAPA as the beachhead for building this new network."

According to the U.S. Census Bureau, there are approximately 14 million non-Mexican Hispanics in the United States, primarily on the East Coast, and this population is growing at three times the rate of the general population.

About CIT Communications, Media and Entertainment:

CIT Communications, Media and Entertainment provides senior and mezzanine debt facilities to middle-market companies with borrowing needs ranging from $10 million to $250 million. The group focuses on providing financing to companies in the broadcasting, publishing, entertainment and communications industries and provides its clients with a unique blend of industry expertise, coupled with a commitment to building long-term relationships.

About CIT:

CIT Group Inc. , a leading global commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $80 billion in managed assets and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans and asset-based lending. With its global headquarters in New York City, CIT has approximately 7,500 employees in locations throughout North America, Europe, Latin America and Asia Pacific. http://www.cit.com/.

About InterMedia:

InterMedia Partners is a private equity investment firm that makes investments in providers of media content to audiences which are currently underserved by the largest media companies. InterMedia serves the content wants of these diverse communities of interest across all platforms, including broadcast, publishing, broadband and direct marketing.

CIT Media Relations: C. Curtis Ritter Director of External Communications & Media Relations (212) 461-7711 Curt.Ritter@CIT.com Daniella A. Libertino Manning Selvage & Lee (212) 468-3546 daniella.libertino@mslpr.com CIT Investor Relations: Stephen Klimas Vice President (973) 535-3769 InterMedia Partners Media Relations: Santa Cruz Communications Claudia Santa Cruz (305) 220-8887 InterMedia Partners Bob Davis (212) 503-2857