NEW YORK, Sept. 30, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Asset-Based Lending
business served as agent and sole lender on a $75 million revolving credit facility for
Skillsoft, a global leader in learning and talent management
Based in Boston, Massachusetts,
Skillsoft enables organizations to unlock the potential in their
employees by delivering a range of digital learning and talent
management solutions. The financing will be used to support
continuing business operations and growth objectives.
"We were impressed by CIT's agility and expertise in arranging
this financing at a critical moment in Skillsoft's evolution," said
John Frederick, Skillsoft's chief
administrative officer. "With our stronger balance sheet and
significantly enhanced financial resources, we will continue our
focus on investing in best-in-class solutions and innovation,
supporting our customers' drive to develop adaptability, agility
and resilience in their organization to rapidly evolve in an
"Asset-based financing was the right solution for Skillsoft at a
key juncture as the company continues to support its customers
while managing through today's challenging economic environment,"
said Chris Esposito, managing
director and group head for CIT's Asset-Based Lending business. "We
were pleased to provide the credit facility Skillsoft needed to
pursue its business goals."
CIT's Asset-Based Lending business meets clients' working
capital needs by offering innovative structures that reduce funding
costs and lower operational risks while improving earnings by
leveraging accounts receivable, inventory or fixed assets as
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
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SOURCE CIT Group Inc.