PR Newswire | Sep 21, 2021 09:03AM EDT

MVP Payroll Financing LLC

09/21 08:00 CDT

CIT Northbridge Serves as Sole Lead Arranger on $45 Million Credit Facility for MVP Payroll Financing LLC NEW YORK, Sept. 21, 2021

NEW YORK, Sept. 21, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $45 million senior secured credit facility for MVP Payroll Financing LLC.

Based in Chandler, Arizona, MVP Payroll Financing provides business clients with staffing and administrative solutions covering human resources, payroll, workers' compensation and more.

"The continuing economic rebound is leading to growing demand for third-party staffing solutions and associated managed services," said Alex Campos of MVP Payroll Financing. "We appreciated the expertise of the CIT Northbridge team in arranging this financing to support our operations and empower us to serve our customers."

"We worked closely with the company's leadership to understand their needs and develop a financing package that advances their business strategy," said Neal Legan, who leads CIT Northbridge.

CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.

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.