CIT Provides $61 Million in Financing to Advantage Tankers
August 20 2015 - 8:30AM
Business Wire
Transaction Supports the Acquisition of Two
Suezmax Crude Tankers
CIT Group Inc. (NYSE:CIT) cit.com, a global leader in
transportation finance, today announced that CIT Maritime Finance
provided a $61 million senior secured credit facility to Advantage
Tankers, LLC, a Marshall Islands-based holding company established
to acquire an operating fleet of crude tankers. The facility
supports the acquisition of two Suezmax crude tankers which are
employed on long-term charters to a multinational oil company.
Financing was provided by CIT Bank, N.A., the principal bank
subsidiary of CIT. Terms of the transaction were not disclosed.
“The outlook for the crude oil tanker market remains attractive
with Atlantic Basin crude oil production and Asian refining
capacity likely to continue to increase,” said Tugrul Tokgoz, CEO
of Advantage Tankers. “With the addition of these tankers to our
fleet, we’re poised to take advantage of increased charter rates
and rising asset values for the crude oil tanker market. CIT’s deep
experience in the maritime sector played an important role as we
sought financing for this transaction.”
Svein Engh, Group Head and Managing Director of CIT Maritime
Finance, said, “We’re pleased to provide this acquisition financing
to Advantage Tankers and look forward to growing our relationship
as they look to position themselves for future growth as a world
leader in the oil tanker shipping industry.”
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About Advantage Tankers
Advantage Tankers LLC is a Marshall Islands holding company
ultimately owned by Mrs. Nazli Karamehmet Williams and management.
advantagetankers.com
About CIT Maritime Finance
CIT Maritime Finance offers senior secured loans,
sale-leasebacks and bareboat charters to owners and operators of
oceangoing cargo vessels, including tankers, bulkers, container
ships, car carriers, and offshore vessels and drilling rigs.
cit.com/maritime
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing and advisory services
principally to middle market companies across more than 30
industries primarily in North America, and equipment financing
and leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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CIT MEDIA RELATIONS:C. Curtis RitterSenior Vice President
of Corporate Communications(973) 740-5390Curt.Ritter@cit.comorMatt
KleinVice President, Media Relations(973)
597-2020Matt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
CallahanSenior Vice President(973)
740-5058Barbara.callahan@cit.com
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