NEW YORK, Feb. 15, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit served as sole lead arranger on a $25 million revolving line of credit facility provided to Midwest High Reach, one of the premier independent equipment rental companies in the Chicago area.
Midwest High Reach intends to use the credit facility to refinance existing debt and support continued growth of the company.
Based in Joliet, Illinois, Midwest High Reach is a privately held, full service rental company providing equipment rentals, sales and service to the construction industry. Its equipment offerings include aerial boom lifts, scissor lifts, excavators, mini-excavators, rollers, light towers, air compressors, generators and welders.
"We are pleased to have the opportunity to support the continued growth of Midwest High Reach as the company expands its ability to meet the equipment needs of the Greater Chicago area," said Neal Legan, who leads CIT Northbridge.
"We relied on the expertise and flexibility of CIT Northbridge and they delivered a financing arrangement that truly meets our needs and supports our ongoing growth," said Rob Snook, chief operating officer for Midwest High Reach. "CIT Northbridge was a great partner throughout the transaction and we appreciate their support."
CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions beyond those typically provided by traditional banks. 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.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. 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. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
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SOURCE CIT Group Inc.