CIT backs Valloeby

CIT Group Inc’s maritime finance business has provided $28 million in refinancing for Valloeby Shipping Ltd, an owner and operator of a fleet of tankers in Malta. CIT was the sole lead arranger. Valloeby is backed by a fund managed by an unnamed U.S. private equity firm.

PRESS RELEASE

NEW YORK, Aug. 13, 2020 /PRNewswire/ — CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business, part of its Commercial Finance division, served as sole lead arranger on $28 million refinancing for Valloeby Shipping Ltd.

Valloeby, which is owned by a fund managed by a U.S. private equity fund sponsor, is a returning customer for CIT, which underwrote a senior secured financing for Valloeby in May 2015. This latest transaction replaces the earlier financing and is secured by the same eight carriers as in the prior agreement.

“Valloeby is well recognized for their operational skills in this important transport sector,” said Evan Cohen, managing director and group head for CIT’s Maritime Finance business. “It was our pleasure to work with them again to arrange financing that supports their business objectives.”

Maritime Finance 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.