NEW YORK, Nov. 1, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Maritime
Finance business is providing $70
million in financing to Maritime Asset Partners for the
refinancing of Sterling LLC.
Maritime Asset Partners is a specialized finance platform
focused on leasing, secured lending and structured equity
solutions.
Sterling owns and operates 11 Handysize dry bulk vessels, a
majority of which were previously financed by CIT. As a result of
the refinancing, Sterling is now solely controlled by Dalex
Shipping, a Greek shipping company led by Vassilis Dalacouras, with
a long history of operating dry bulk vessels.
"Dalex Shipping is a renowned player in the dry bulk industry
with over 50 years of experience," said Oscar Ulstein, Partner of Maritime Asset
Partners. "We appreciated CIT's commercial approach and maritime
industry expertise in arranging the senior facility to conclude the
structured refinancing together with the Dalex Shipping team."
"We have worked closely in the past with Sterling and its
investors to finance dry bulk ships, and we are pleased to do so
again in support of this transaction," said Evan Cohen, managing director and group head for
CIT's Maritime Finance business. "CIT's long-standing
relationship with Maritime Asset Partners continues to strengthen
through the completion of our third transaction together."
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 CIT
CIT 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.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.