PR Newswire | Oct 1, 2020 09:57AM EDT

10/01 08:56 CDT

CIT Serves as Sole Lead Arranger on $70 Million Maritime Financing NEW YORK, Oct. 1, 2020

NEW YORK, Oct. 1, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on a $70 million senior secured financing on behalf of International Container Company Holdings Limited.

The loan is secured by three large container vessels operated by Maersk A/S, a direct subsidiary of AP Moller Maersk, which owns and operates more than 700 container vessels worldwide.

"We are pleased to arrange this financing for International Container Company Holdings and its various owners as they build their fleet of container ships to serve market demand," said Evan Cohen, managing director and group head for CIT's Maritime Finance business.

CIT's Maritime Finance business, part of its 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. Moran212-461-5507john.moran@cit.com

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SOURCE CIT Group Inc.