CIT Serves as Sole Lead Arranger in Senior Debt Financing to Central States Tower
October 07 2015 - 8:30AM
Business Wire
- Financing Provided by CIT Bank N.A.
Allows for Development and Construction of New Towers Throughout
the U.S.
- Represents CIT’s Third Transaction with
Central States Tower
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Communications & Technology Finance served as Sole Lead
Arranger and Administrative Agent in a senior secured credit
facility to Central States Tower (CST), a leading middle market
operator and developer of wireless communications towers and a
portfolio company of Sweetwater Capital, LLC. Financing was
provided by CIT Bank, N.A., the principal bank subsidiary of CIT.
Terms of the transaction were not disclosed.
Since 2006, CST has successfully constructed over 500 new
wireless communications tower sites throughout the United States.
Through this current financing with CIT and Sweetwater, CST has
secured up to $75 million in new debt and equity financing.
“With this new financing in place, we will be able to seamlessly
continue to develop and construct new tower sites,” said Brian
Meier, Chief Executive Officer of Central States Tower. “We are
extremely excited to work with CIT and Sweetwater again, both of
whom have been valued and trusted partners.”
William Marraccini, Partner of Sweetwater Capital, said, “Along
with CST’s management team, we intend to continue to execute our
successful business model to build the highest quality tower
portfolio in the U.S. CIT’s deep industry expertise and experience,
coupled with our long-standing relationship, are the reasons we
continue to look to CIT as our debt financing partner.”
“We have maintained a strong relationship with CST and
Sweetwater Capital over the past eight years,” said Tom Westdyk,
Group Head and Managing Director, CIT Communications &
Technology Finance. “CST has a highly experienced management team
with a proven track record that operates in an industry sector with
very strong and stable fundamentals.”
Roger Fong, Director, CIT Communications & Technology
Finance, said, “Based upon the strength of their development
expertise and operational experience, we believe that CST is well
positioned to capitalize on continuing positive trends within the
wireless infrastructure sector. We’re pleased to provide this
financing in continued support of CST’s growth efforts.”
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About Central States Tower
Founded in 2006, Central States Tower, LLC is a leading
independent developer, owner and operator of wireless
communications towers. CST’s management team has over 60 years of
aggregate experience in the wireless infrastructure industry.
centralstatestower.com
About Sweetwater Capital
Founded in 2002, Sweetwater Capital Holdings, LLC is a private
equity investment firm that invests in service businesses with
recurring revenue streams protected by inherent barriers to entry
that provide critical infrastructure to the Internet and
to wireless communications networks. sweetwatercg.com
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 Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, 973-597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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