AUGUST 14, 2012 — CIT Group Inc. (NYSE: CIT) has supported the first vessel acquisition by Tanker Solution, a joint venture between funds managed by TPG Credit Management and Prime Tanker Management.
Svein Engh, Managing Director and Group Head of CIT Maritime Finance.
"We continue to build relationships with industry-leading operators and investment firms, further expanding our footprint in the marketplace," said Svein Engh, Managing Director and Group Head of CIT Maritime Finance.
CIT Maritime Finance provided a senior secured credit facility to support the purchase of the M/T Pike (formerly the M/T Starling), a 73,700 DWT LR1 product tanker built in 2008. The vessel is the first asset acquisition by Tanker Solutions and will be operated by Athens- based Prime Tanker Management.
Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed.
Luke Beltnick, Managing Director of TPG Credit Management, said, "CIT Maritime Finance demonstrated a deep understanding of our business in executing this transaction. As the first vessel acquisition under the Tanker Solutions joint venture, CIT was able to execute this transaction in a timely manner while providing a financing structure that aligns well with our strategy. We look forward to building on this relationship."