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CIT Group Inc. (NYSE: CIT) has appointed Chris Esposito as managing director of its expanded Asset-Based Lending (ABL) business. Esposito will oversee the national ABL team, focusing on client relations and market strategies. David Harnisch, president of Commercial Finance, emphasized the company's strong reputation and plans to leverage its increased capabilities following the acquisition of Mutual of Omaha Bank. The ABL division provides innovative financing solutions, improving operational efficiency through collateral management.
CIT Group Inc (CIT) announced its collaboration with customers through the Acts of Caring program to address urgent community needs nationwide. Customers were invited to propose initiatives in their hometowns, leading to the selection of ten projects for summer implementation. This initiative follows a successful month of employee volunteering where CIT staff recorded over 3,000 positive actions and dedicated nearly 5,000 hours to support causes like COVID-19 relief and food security. The company aims to further amplify its impact by polling stakeholders on supporting specific nonprofit organizations.
CIT Group Inc. (NYSE: CIT) announced its role as lead arranger in a $118.5 million financing for the Harts Mill Solar project in Edgecombe County, North Carolina. This project, developed in partnership with Kayne Anderson Capital Advisors and Pine Gate Renewables, will supply energy to the PJM Interconnection grid. CIT's continued prominence in renewable energy lending was highlighted by its close collaboration with project partners. The financing package includes cash management and capital markets services, signifying CIT's commitment to supporting renewable energy expansion in the U.S.
CIT Group Inc. (NYSE: CIT) announced a $50 million senior secured revolving credit facility arranged by CIT Northbridge Credit for CITIES Market Studios. This facility is intended to support CITIES in managing and growing their business, which specializes in consumer product strategies across digital and physical markets. CIT Northbridge Credit offers asset-based debt solutions ranging from $15 million to $150 million, primarily serving middle-market companies. CEO Marty Hawk expressed gratitude for CIT's expertise in facilitating this credit arrangement.
CIT Group Inc. (NYSE: CIT) announced its Power and Energy unit served as sole lead arranger for an $85 million financing of the 80-megawatt Pioneer Solar project near Denver, Colorado. This financing supports Idemitsu Renewables, a solar project developer, to sell power to Intermountain Rural Electric Association. CIT's financing bolsters renewable energy production in the Greater Denver area, showcasing its expertise in arranging solar project financing. The bank also provides cash management and capital markets services as part of this financing effort.
CIT Group Inc. (NYSE: CIT) announced a $35.9 million senior secured loan for the construction of a 183-unit apartment building in Stamford, Connecticut. This financing will support a joint venture project by Fields Grade Development and Alpine Residential, strategically located near major employers and transport links. CIT's Real Estate Finance division aims to boost its portfolio in metropolitan areas and emphasizes its role in facilitating the project despite challenges posed by the COVID-19 pandemic.
CIT Group Inc. (NYSE: CIT) announced the pricing of a public offering for $500 million of 3.929% senior unsecured fixed-to-floating rate notes due in 2024. The notes, priced at par, will yield a fixed interest rate until June 19, 2023, followed by a floating rate based on SOFR plus a margin of 3.827%. The offering is expected to close around June 19, 2020, and proceeds will be used for general corporate purposes. CIT has filed a shelf registration statement with the SEC for this offering.
CIT Group Inc. (NYSE: CIT) announced a public offering of senior unsecured fixed-to-floating rate notes to raise funds for general corporate purposes. This move follows the filing of a shelf registration statement with the SEC (Form S-3, File No. 333-221965). Investors are advised to review the prospectus supplement and related documents for detailed information regarding the offering. The offering is part of CIT's broader strategy to optimize its capital structure and enhance financial flexibility.