CIT Group Inc. Enters Amendment to $1.5 Billion Second Amended and Restated Revolving Credit and Guaranty AgreementFebruary 27, 2017
S&C client CIT Group Inc. and certain of its subsidiaries entered into an amendment to its $1.5 billion second amended and restated revolving credit and guaranty agreement with a bank syndicate. As of the closing date, no drawings had been made on the facility except for $100 million utilized for letters of credit. The facility is unsecured and is guaranteed by nine of CIT's domestic operating subsidiaries.
With more than $67 billion in assets, CIT provides primarily commercial financing and leasing products, as well as other services, to small and middle-market businesses across a wide variety of industries. CIT also operates CIT Bank, which offers savings products through its online bank BankOnCIT.com.
The S&C corporate team was led by John Estes, along with John Anselmi and Mateo Aceves. David Simins advised on tax matters.