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CIT Serves as Sole Lender on $75MM Revolving Credit Facility for Skillsoft

October 01, 2020, 08:50 AM
Filed Under: Industry News
Related: CIT Group

CIT Group Inc. announced that its Asset-Based Lending business served as agent and sole lender on a $75 million revolving credit facility for Skillsoft, a global leader in learning and talent management solutions

Based in Boston, Massachusetts, Skillsoft enables organizations to unlock the potential in their employees by delivering a range of digital learning and talent management solutions. The financing will be used to support continuing business operations and growth objectives.

"We were impressed by CIT's agility and expertise in arranging this financing at a critical moment in Skillsoft's evolution," said John Frederick, Skillsoft's chief administrative officer. "With our stronger balance sheet and significantly enhanced financial resources, we will continue our focus on investing in best-in-class solutions and innovation, supporting our customers' drive to develop adaptability, agility and resilience in their organization to rapidly evolve in an ever-changing world."

"Asset-based financing was the right solution for Skillsoft at a key juncture as the company continues to support its customers while managing through today's challenging economic environment," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "We were pleased to provide the credit facility Skillsoft needed to pursue its business goals."

CIT's Asset-Based Lending business meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.

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