NEW YORK, Aug. 16, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $50 million credit facility for Intermetal Rebar LLC.
Headquartered in Miami, Florida, Intermetal Rebar is a leading importer and distributor of reinforcing bar ("rebar") and other structural products to distributors, fabricators, and contractors in the non-residential construction industry.
"We are seeing increased demand for our products as the economy continues its post-pandemic rebound," said Joseph Tedesco, chief financial officer of Intermetal Rebar. "We appreciated the expertise of the CIT Northbridge team in arranging the financing to support our operations and empower us to serve our customers."
"Intermetal Rebar is well positioned in its industry to gain from the ongoing economic growth," said Neal Legan, who leads CIT Northbridge. "We worked closely with the company's leadership to understand their needs and develop a financing package that advances their business strategy."
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.