CIT Serves as Sole Lead Arranger in $325 Million Financing of Mobilitie Investments
November 17 2015 - 8:30AM
Business Wire
- Mobilitie Is the Nation’s Largest
Privately-Held Wireless Infrastructure Provider
- Financing Will Support the Growth of
Mobilitie’s Distributed Antenna Systems (DAS), Small Cell,
Communication Tower and Wi-Fi Business Investments
- Represents CIT’s Third Transaction with
Mobilitie
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 for a $325 million senior secured
credit facility provided to Mobilitie LLC, the nation’s largest
privately-held wireless infrastructure provider. The financing will
support the growth of Mobilitie’s Distributed Antenna Systems
(DAS), Small Cell, Communication Tower and Wi-Fi business
investments. Financing was provided by CIT Bank, N.A., the
principal bank subsidiary of CIT. Terms of the transaction were not
disclosed.
“The Mobilitie management team has worked with CIT for more than
a decade,” said Gary Jabara, Chief Executive Officer, Mobilitie.
“Thanks to CIT’s market expertise and structuring capabilities,
they have become a valued and trusted financial partner. CIT has
consistently been able to grow their relationship with us as we’ve
evolved our business. We look forward to working with CIT again in
the future.”
Tom Westdyk, Group Head and Managing Director, CIT
Communications & Technology Finance, said, “Mobile data traffic
continues to grow at a rapid pace, creating significant demand for
Mobilitie’s wireless infrastructure solutions. Mobilitie has a
proven track record in expanding nationwide coverage and capacity
for the major wireless carriers, including at some of the largest
venues and most challenging locations.”
Roger Fong, Director, CIT Communications & Technology
Finance, added, “CIT has extensive experience in serving leading
companies in the wireless infrastructure sector. We’ve had a
long-standing relationship with the Mobilitie team and are pleased
to lead this new financing in continuing support of their growth
initiatives.”
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About Mobilitie
Mobilitie is the largest privately-held wireless infrastructure
provider in the United States. Mobilitie finances, owns, and
operates DAS, Small Cell, Wi-Fi networks, communication towers, as
well as other infrastructure used by wireless carriers. Mobilitie
is headquartered in Newport Beach, California with regional offices
across the United States. mobilitie.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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