CIT Group announced it has closed a new US$275 million committed Vendor Finance China funding facility that will allow CIT Vendor Finance to fund new originations in China. The committed availability period of the facility expires in June 2013 with a three-year final maturity for each drawdown under the facility.

“This transaction serves as another example of the progress we continue to make in advancing our international funding strategy to support our global operations,” said John A. Thain, CIT’s chairman and chief executive officer. “This facility will further enhance our ability to finance businesses as we grow our presence in China.”

The new facility will supplement a £100 million committed UK Vendor Finance conduit facility and a recently renewed $1 billion committed U.S. Vendor Finance conduit facility.

Bank of Communications served as agent and arranger while Bank of China Limited served as Co-Arranger under the facility. Agricultural Bank of China Limited and Shanghai Pudong Development Bank also served as committed lenders.

Adrian Pang, managing director, CIT Vendor Finance, Asia, said, “As a leading provider of vendor financing solutions in Asia we are pleased to have worked closely with many of the top banks in China to close this transaction. This facility will be an important part of supporting CIT Vendor Finance’s business in China.”