CIT and TPG Special Situations Partners Enter into Strategic Relationship
26 August 2015 - 10:30PM
Business Wire
Establish Financing Joint Venture
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of
commercial lending and leasing services, today announced a joint
venture with funds managed by TPG Special Situations Partners
(TSSP), the dedicated special situations and credit platform with
over $12 billion of assets under management, and part of TPG, a
leading global private investment firm.
Strategic Credit Partners, a CIT TSSP Joint Venture, will have a
target size of $500 million and will provide senior secured
financing to companies in a variety of industries throughout the
United States, including communications, healthcare, information
services and technology, industrials and restaurants. CIT Asset
Management LLC will serve as Administrative Agent to the joint
venture.
“We are pleased to enter into this strategic relationship with
TSSP and announce the formation of this joint venture,” said Jim
Hudak, President of CIT Corporate Finance. “Our efforts to support
the financing needs of our customers will be greatly enhanced
through this new relationship. This joint venture will further
advance our efforts to grow our commercial lending franchise while
providing us the opportunity to increase our agency roles and grow
our relationships within the sponsor community.”
Alan Waxman, Partner and Chief Investment Officer of TSSP, said,
“We are excited to enter into this new business partnership with
CIT. We believe this new venture will allow us to extend our reach
in providing critical financing to businesses in the U.S. economy
while delivering high-quality assets to our investors. This
partnership with CIT reflects our shared views on building a unique
platform centered on credit discipline and risk management in order
to provide attractive risk-adjusted returns for our investors.”
Deutsche Bank served as financial advisor to CIT, and Dechert
LLP served as CIT’s legal counsel. Cleary Gottlieb Steen &
Hamilton LLP served as legal counsel to TSSP.
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About TPG Special Situations Partners
TSSP, with over $12 billion of assets under management
as of June 30, 2015, is the dedicated special situations and
credit platform of TPG, a leading global private investment firm
with approximately $75 billion of assets under management and 17
offices around the world. TSSP has extensive experience with highly
complex, global public and private investments executed through
primary originations, secondary market purchases and
restructurings.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing and advisory services
principally to middle market companies across more than 30
industries primarily in North America, and equipment financing
and leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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version on businesswire.com: http://www.businesswire.com/news/home/20150826005257/en/
CIT MEDIA RELATIONS:C. Curtis Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, 973-597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.comorTPG MEDIA RELATIONS:Luke
Barrett, 212-601-4752TPG External Affairslbarrett@tpg.com
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