CIT Serves as Sole Lead Arranger on $28MM Maritime Financing
AUG 14, 2020 - 7:12 am
CIT Group’sMaritime Finance business, part of its Commercial Finance division, served as sole lead arranger on $28 million refinancing for Valloeby Shipping.
Valloeby, which is owned by a fund managed by a U.S. private equity fund sponsor, is a returning customer for CIT, which underwrote a senior secured financing for Valloeby in May 2015. This latest transaction replaces the earlier financing and is secured by the same eight carriers as in the prior agreement.
“Valloeby is well recognized for their operational skills in this important transport sector,” Evan Cohen, managing director and group head for CIT’s Maritime Finance business, said “It was our pleasure to work with them again to arrange financing that supports their business objectives.”
Maritime Finance offers customized solutions for secured loans to a global client base of vessel owners and operators.
Ken Walters found his industry niche at CIT, where he worked for 18 years across many disciplines, including internal audit, equipment finance, capital markets and equity investment. He then led Emigrant Bank’s private equity investment group, Emigrant Capital, for seven... read more
Sam Smith’s interest in equipment started at a young age, as his father was CEO of a manufacturer of injection molding machines. Smith initially became fascinated by the plastics and packaging industries, but as his career progressed, he and his... read more