CIT Group’s Aviation Lending business, part of its Commercial Finance division, served as sole lender and facility agent on a $35 million secured financing for Icelandair Group, the national carrier of Iceland.

“We were pleased to work with CIT on securing this financing that further strengthens the financial position of Icelandair Group and represents the first transaction involving Icelandair and CIT,” said Eva Sóley Guðbjörnsdóttir, chief financial officer for Icelandair Group.

“We worked closely with Icelandair to understand their requirements and structure a financing agreement that meets their needs and advances them toward their business objectives,” said Jennifer Villa Tennity, president of CIT’s Aviation Lending business.

CIT Group Aviation Lending offers senior secured loans focused on fixed-wing commercial aircraft, including narrowbody, widebody and regional jets. The business structures short- and long-term financing solutions to meet the needs of aviation clients.

Icelandair Group operates in the international aviation and tourism sectors. With Iceland as a hub, Icelandair’s route network centers around the unique location of the country midway between North America and Europe, connecting a number of destinations to and from Iceland as well as across the Atlantic.