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CIT Arranges $93.7MM Credit Facility for Maritime Shipping Firm

September 19, 2018, 08:20 AM
Filed Under: Shipping

CIT Group Inc. announced that its Maritime Finance unit served as sole lead arranger on a $93.7 million senior secured credit facility for Tanker Solutions LLC, a shipping company managed by Prime Marine, a leading operator of international shipping vessels, and its U.S.-based private equity sponsor. The new credit facility was used to consolidate and refinance existing debt on 12 product tankers.

"It was a privilege to support Prime Marine with this credit facility. Prime is truly a best-in-class shipping operator with a great track record and long history through several business cycles, and we appreciate the opportunity to be their financing partner," said Burt Feinberg, group head of CIT's Commercial & Industrial Finance unit.

"We counted on CIT to use its knowledge of the maritime industry and its financing expertise to create the right credit facility to meet our needs and they delivered," said Michael Chalkias, co-CEO of Prime Marine.

Maritime Finance, part of CIT's Commercial Finance division, offers customized solutions for secured loans, bareboat charters and more to owners and operators. Key areas of focus include international, Jones Act and blue water shipping.

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