NEW YORK & LONDON--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com a global leader in transportation finance, today announced that it arranged and syndicated a $125 million senior secured credit facility to UK-based A J Walter Aviation (AJW), a leading global aircraft spares specialist. Proceeds of the facility will be used to support spare parts acquisitions to service AJW’s rapidly growing customer portfolio.
“We are pleased to have arranged this financing in support of A J Walter Aviation’s growth initiatives”
CIT Aerospace & Defense Finance acted as Administrative Agent for the transaction. The deal was structured and facilitated by CIT Capital Securities LLC, as Lead Arranger, and the financing was provided by CIT Bank, a wholly owned subsidiary of CIT. Additional terms of the transaction were not disclosed.
“We are pleased to have arranged this financing in support of A J Walter Aviation’s growth initiatives,” said Oliver Althoff, Director of CIT Aerospace & Defense Finance. “AJW is a leader in the aviation supply chain and this transaction further demonstrates our commitment to deliver leading financial solutions to the aerospace marketplace.”
Ian Malin, AJW’s Treasurer and Chief Investment Officer said, “We are delighted to partner with CIT on this transaction and look forward to building our relationship. This transaction was carefully structured to accommodate our current business model and provides a financing solution that allows AJW to maintain its growth objectives.”
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About CIT Aerospace & Defense Finance
CIT Aerospace & Defense Finance, provides integrated financial solutions to manufacturers, suppliers and service providers in the aerospace, defense, homeland security and government contracting industries cit.com/lft
About A J Walter Aviation
A J Walter Aviation is a world leading specialist in the supply, repair and loan of commercial aircraft spare parts, including services in aircraft engines, aircraft inventory management; power-by-the-hour and pooling support; consignment stock; global 24/7 AOG; component maintenance and overhaul; consumable supplies; logistics and freight management. AJW offices are based in Singapore, Dubai, London, Montreal and Miami with further inventory hubs across Europe and North America. AJW is celebrating its 80th year of aviation support leadership in 2012. ajw-aviation.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2012, CIT Bank had $8.6 billion of deposits and $11.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap or familial status. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its 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. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com