PR Newswire | Jun 24, 2021 09:02AM EDT

06/24 08:00 CDT

CIT Provides $42 Million in Financing for Dry Bulk Fleet NEW YORK, June 24, 2021

NEW YORK, June 24, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business is providing $42 million in financing for a portfolio of seven dry bulk vessels.

Dynamic Bulk Holdings, a leading dry bulk shipping operator, will use the loan to refinance existing debt on its fleet of seven Handymax vessels.

"Demand for commodities transport increases constantly as the global economy recovers from the impact of the COVID-19 pandemic," said Tassos Psaropoulos of Dynamic Bulk Holdings. "We appreciated CIT's support all these years and its expertise in arranging this financing, which will help us to continue to serve our customers."

"Dynamic Bulk Holdings is well-known for its shipping experience and performance," said Evan Cohen, managing director and group head for CIT's Maritime Finance business. "We have supported the company's financing needs in the past and are pleased to do so again with this latest loan."

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 CITCIT 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. Moran212-461-5507 john.moran@cit.com

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SOURCE CIT Group Inc.