CIT Group said Wednesday that it has provided a senior secured credit facility to Tanker Solutions to finance its buy of the M/T Pike, a 73,700 DWT LR1 product tanker. No financial terms were disclosed. CIT Maritime Finance structured and executed the transaction. Tanker solutions is a joint venture managed by TPG Credit Management and Prime Tanker Management.
NEW YORK–(BUSINESS WIRE)–CIT Group Inc. (NYSE: CIT) cit.com, a global leader in transportation finance, today announced that CIT Maritime Finance provided a senior secured credit facility to Tanker Solutions, a joint venture between funds managed by TPG Credit Management and Prime Tanker Management. The financing supports the purchase of the M/T Pike (formerly the M/T Starling), a 73,700 DWT LR1 product tanker built in 2008. The vessel represents the first asset acquisition by Tanker Solutions and will be operated by Prime Tanker Management.
Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed.
“We are pleased to have had the opportunity to support the first vessel acquisition by Tanker Solutions,” said Svein Engh, Managing Director and Group Head of CIT Maritime Finance. “With this transaction, we continue to build relationships with industry-leading operators and investment firms, further expanding our footprint in the marketplace. We look forward to supporting Tanker Solutions as it grows its portfolio.”
Luke Beltnick, Managing Director of TPG Credit Management, said, “CIT Maritime Finance demonstrated a deep understanding of our business in executing this transaction. As the first vessel acquisition under the Tanker Solutions joint venture, CIT was able to execute this transaction in a timely manner while providing a financing structure that aligns well with our strategy. We look forward to building on this relationship.”
About TPG Credit Management
TPG Credit is a global institutional alternative investment firm focused on deep value, asset rich opportunities in dislocated industries. Formed in 2005 by Rory O’Neill, TPG Credit today manages several funds with an aggregate of $2.3 billion of assets under management. TPG Credit has a total of 53 professionals based in its Minneapolis, Minnesota and London offices. For more information, please visit www.tpgcredit.com.
About Prime Tanker Management
Prime Tanker Management (Prime) is a leading international ship management Company, based in Athens, Greece, focused on the commercial and technical management of product tankers. Prime Tanker Management, Inc., currently manages twenty six product tankers and seven LPGs through its affiliate Prime Gas Management. Prime has established an excellent reputation in the international shipping industry for operating and maintaining a fleet with high standards of performance, reliability and safety. For more information, please visit www.prime-marine.net
About CIT Maritime Finance
CIT Maritime Finance offers senior secured loans, sale-leasebacks, and bareboat charters to owners and operators of oceangoing cargo vessels including tankers, bulkers, container ships, car carriers, as well as offshore vessels and drilling rigs. cit.com/maritime
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of June 30, 2013, it had $11.1 billion of deposits and $13.9 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in financing and leasing assets. It provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com