NEW YORK, June 10, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that CIT Northbridge Credit,
through its investment advisor CIT Asset Management LLC, provided
$40 million of a $60 million senior secured credit facility for
Stock+Field, a leading farm, home and outdoor retailer.
Stock+Field, formerly known as Big R Stores, operates more than
25 large retail outlets in Illinois, Ohio, Indiana, Wisconsin and Michigan featuring a wide range of ranch and
farm supplies, clothing, sporting goods, tools, automotive products
and more. The credit facility, which was led by Massachusetts-based Second Avenue Capital
Partners, will be used for working capital and general corporate
purposes.
"We are excited to complete this new credit facility to support
our business operations," said Matt
Whebbe, chairman and CEO of Stock+Field. "CIT Northbridge
Credit and Second Avenue listened closely to our needs and came up
with the right financing package to help us achieve our strategic
initiatives."
"We were pleased to leverage our industry expertise and to
collaborate with Second Avenue in developing the financing that
will support Stock+Field's continued operations," said Neal Legan, who leads CIT Northbridge
Credit.
"We worked very quickly in conjunction with CIT Northbridge to
provide the financing Stock+Field required and the flexibility to
put their plan into action," said Chris
O'Connor, president of Second Avenue Capital Partners.
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 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.