Jun. 13, 2011 (Business Wire) -- CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it has closed a new RMB 1.8 billion (approx. $275 million) committed Vendor Finance China funding facility that will allow CIT Vendor Finance to fund new originations in China. The committed availability period of the facility expires in June 2013 with a three year final maturity for each drawdown under the facility.
"This transaction serves as another example of the progress we continue to make in advancing our international funding strategy to support our global operations," said John A. Thain, Chairman and Chief Executive Officer. "This facility will further enhance our ability to finance businesses as we grow our presence in China."
Adrian Pang, Managing Director, CIT Vendor Finance, Asia, said, "As a leading provider of vendor financing solutions in Asia we are pleased to have worked closely with many of the top banks in China to close this transaction. This facility will be an important part of supporting CIT Vendor Finance's business in China."
This new facility will supplement a £100 million committed UK Vendor Finance conduit facility and a recently renewed $1 billion committed U.S. Vendor Finance conduit facility.
Bank of Communications Co., Ltd. served as Agent and Arranger while Bank of China Limited served as Co-Arranger under the facility. Agricultural Bank of China Limited and Shanghai Pudong Development Bank also served as committed lenders.
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About CIT Vendor Finance
CIT Vendor Finance is a global leader in providing business solutions for manufacturers, distributors and product resellers and financial solutions for their customers. CIT maintains relationships and develops financing programs with leading manufacturing companies that can enable increased sales while providing equipment financing and value added services from invoicing to asset disposition to small and middle market businesses across all industries that facilitate the purchase of equipment according to their needs. www.cit.com/vendorfinance
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market 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 global vendor finance. www.cit.com
C. Curtis Ritter, 973-740-5390
of Corporate Communications
Vice President, Media Relations
Ken Brause, 212-771-9650