NEW YORK, Oct. 15, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Technology, Media
and Telecommunications business has led an expansion of an
existing credit facility to $400
million to support rapidly accelerating growth by Mobilitie
Investments III LLC, a telecommunications infrastructure
Mobilitie owns and operates a large nationwide portfolio of
wireless communications infrastructure, including communication
towers and distributed antenna systems across large outdoor and
indoor public venues.
CIT has supported Mobilitie's growth through multiple rounds of
financing over the past several years. This latest round of
financing will provide additional growth capital, as Mobilitie
continues to see exponential demand for its telecommunications
infrastructure services amid increased reliance on mobile
connectivity and wireless communications.
"We were pleased to again turn to Roger
Fong and the rest of the CIT team to help Mobilitie meet our
financing needs as we continue to expand our infrastructure assets
to support the growing demands of mobile telecommunications," said
Christos Karmis, president and CEO
of Mobilitie. "Our pipeline of active projects is more robust than
ever before as we continue to densify our footprint across the U.S.
and upgrade sites to support the latest 5G deployments with 5G NR
and high-band mmWave, in addition to CBRS."
"We have supported Mobilitie's ongoing growth for many years and
are pleased to do so again with this credit facility expansion,"
said Thomas Westdyk, managing
director and group head for CIT's Technology, Media and
Telecommunications business. "The company's continuing progress is
a demonstration of the value that its solutions and expertise
provide at a time when wireless networks are critical to so many
clients and consumers."
CIT's Technology, Media and Telecommunications group
supports the development, expansion, equipment, and strategic
acquisition needs of clients in the telecommunications, technology,
media and information services industries. The group provides
recurring revenue, cash flow, real estate and asset-based senior
debt solutions to middle market companies throughout the United States.
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.