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CIT Arranges $25MM Senior Credit Facility for Neutral Connect Networks

September 11, 2018, 07:30 AM
Filed Under: Communications

CIT Group Inc. announced that its Communications & Technology Finance unit served as sole lead arranger for a senior secured credit facility to Neutral Connect Networks LLC.

Founded in 2016 and based in Boynton Beach, Florida, Neutral Connect Networks (NCN) is a leading provider of wireless communications networks for use in transportation systems, sports and entertainment venues, shopping centers, parks, business districts and other locations.

Through this current financing with CIT and M/C Partners, NCN has secured up to $55 million in new debt and equity financing.

"I am excited to be working with CIT again," said NCN Chief Executive Officer Paul McGinn. "Our past relationship has been very successful, and this facility will allow us to take the next step forward on NCN's master development plan, which is now fully funded. We also continue to receive great support from our equity investor, M/C Partners, which together with CIT makes NCN a very strong competitor."

"We're extremely pleased to provide this financing in support of NCN's continuing growth efforts," said Tom Westdyk, managing director and group head for CIT's Communications & Technology Finance unit. "With Paul's leadership experience and M/C Partners' industry expertise, NCN is well positioned to capitalize on attractive opportunities in the wireless communications infrastructure sector."

CIT's Communications & Technology Finance group provides cash flow and asset based senior debt for communications and technology companies in the middle market throughout the United States.

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