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CIT is Sole Lead Arranger in $125MM Financing for Independence Contract Drilling

June 04, 2014, 07:18 AM
Filed Under: Energy

CIT Group Inc. announced that CIT Corporate Finance arranged a $125 million senior secured credit facility for Independence Contract Drilling (ICD), an integrated premium land drilling services provider with a fleet of ShaleDriller™ land drilling rigs. This new financing follows a $60 million senior secured credit facility arranged by CIT Corporate Finance, Energy in June 2013.

CIT Corporate Finance, Energy served as sole lead arranger and sole lead administrative agent in the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“We’re pleased to assist ICD in financing the construction of additional land drilling rigs as they capitalize on growing market opportunities,” said Mike Lorusso, Group Head of CIT Corporate Finance, Energy. “We were able to put our knowledge to work for ICD and complete this transaction with speed, while building on our reputation of providing financing and advisory services to middle market energy companies.”

Byron Dunn, Chief Executive Officer of ICD, said, “CIT continues to be an excellent partner. We completed a transaction with Mike’s team a year ago, so it was logical and efficient to tap them again for their experience and expertise in this sector. CIT has shown its deep industry expertise and ability to close transactions on time and efficiently. We look forward to continuing this relationship in the future."

Independence Contract Drilling was formed in 2011 as an integrated premium land drilling services provider. From its wholly owned facility in Houston, Texas, Independence Contract Drilling provides E&P operators the ShaleDriller™ series rigs. These rigs are fast moving, programmable AC rigs custom designed for the development of unconventional and shale plays and other areas where completions require long horizontal sections.

Corporate Finance provides lending, leasing and other financial and advisory services to the middle market with a focus on specific industries, including: Aerospace & Defense, Business Services, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media.

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