CIT Serves as Sole Lead Arranger for Up to $95 Million in Financing for Relaunch of Castle Rock Entertainment
NEW YORK, Oct. 21, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications business served as sole lead arranger and administrative agent on up to $95 million in financing toward the relaunch of noted Hollywood film production company Castle Rock Entertainment.
Castle Rock was founded in 1987 by Academy Award nominated director Rob Reiner, who will remain as CEO of the relaunched firm, along with Martin Shafer, Andrew Scheinman, Glenn Padnick and Alan Horn. Reiner will be joined by Michele Reiner and Matthew George as co-presidents. The transaction includes a senior secured credit facility for $65 million with an accordion feature for up to $30 million more.
Castle Rock has produced more than 125 films, including such noteworthy titles as "When Harry Met Sally," "A Few Good Men," "Miss Congeniality" and "The Shawshank Redemption." In addition, it produced "Seinfeld," widely regarded as one of the most successful comedy series in television history.
"I couldn't be more thrilled," said Rob Reiner. "The Castle Rock lighthouse has always signaled a safe harbor for the creative community. With this relaunch, we will be able to continue the tradition of providing an environment for filmmakers to do their best work."
"We are pleased to support the relaunch of Castle Rock Entertainment, one of the most iconic brands in film and television, as it prepares to extend its long track record of success in the entertainment industry," said Thomas Westdyk, managing director and group head for CIT's Technology, Media and Telecommunications business. "Our deal team of David Oliver, Jennifer Del Preore and Kevin Clemenza worked closely with our client to understand their objectives and structure the right financing."
CIT's Technology, Media and Telecommunications business supports the development, expansion, equipment, and strategic acquisition needs of clients in the telecommunications, technology, media and information services industries. The group, part of CIT's Commercial Finance division, provides recurring revenue, cash flow, real estate and asset-based senior debt solutions to middle market companies throughout the United States.
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.
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SOURCE CIT Group Inc.
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