NEW YORK--(EON: Enhanced Online News)--CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Entertainment, Media, Gaming & Sports Finance served as Sole Lead Arranger and Administrative Agent for a $78.85 million senior secured credit facility to the St. Croix Chippewa Indians of Wisconsin. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
“CIT has a strong, longstanding relationship with the St. Croix Chippewa Indians. In addition to this recent financing, CIT is working closely with the Tribe and casino to also meet their treasury and depository needs.”
The financing will be used to replace the existing Hertel Express facility with an all-new Gaming & Travel Plaza near Webster, Wisconsin, as well as renovations to the St. Croix Casino in Turtle Lake, Wisconsin, and for the development of the new Fourwinds Market Plaza, which will replace the existing 12,500 square foot Fourwinds Market with a new Fourwinds Market complex. The new facility will include a 23,000 square foot full-service grocery store, a 1,500 square foot convenience store, a 52-unit unheated mini-storage facility, and a 3,100 square foot fast-food restaurant.
Leva “Dino” Oustigoff, Chief Executive Officer, St. Croix Casinos Enterprises, said, “This financing will help us increase our revenues as we expand our current entertainment, gaming and retail offerings. After a thorough evaluation, the range and scale of the facilities this transaction will help fund will best suit the needs of the St. Croix Chippewa Indians. The Tribe valued its longstanding relationship with CIT (since 2001) and its experience in the gaming sector as we worked to complete this transaction and we look forward to working with CIT again in the future.”
Wade Layton, Group Head and Managing Director, CIT Entertainment, Media, Gaming & Sports, said, “CIT has a strong, longstanding relationship with the St. Croix Chippewa Indians. In addition to this recent financing, CIT is working closely with the Tribe and casino to also meet their treasury and depository needs.”
Steve Epperly, Senior Director, CIT Corporate Finance, said, “We are pleased we could leverage our gaming industry expertise and industry-leading capital solutions to help the Tribe expand their footprint while continuing to provide a wide variety of gaming, retail and entertainment options to its clientele.”
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About the St. Croix Chippewa Indians of Wisconsin
The St. Croix Chippewa Indians of Wisconsin own and operate three gaming facilities in Wisconsin: St. Croix Casino Turtle Lake, St. Croix Casino Danbury and St. Croix Casino Hertel. The Tribe commenced gaming operations in 1986. In addition to the three gaming facilities, the Tribe owns and operates Fourwinds Market, a full-service grocery store located in Siren Wisconsin, two health clinics and the St. Croix Tribal Smoke Shop.
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 a wide variety of 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