CIT Serves as Joint Lead Arranger and Administrative Agent in $325 Million Financing to LCI Helicopters
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that it served as Joint Lead Arranger and Administrative Agent in a $325 million senior secured credit facility to LCI Helicopters (LCIH), the helicopter leasing subsidiary of Lease Corporation International. The facility will be used to acquire new medium and heavy twin engine helicopters for onward lease to helicopter operators and includes an option to increase the facility size to $425 million. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“As a global leader in transportation finance, we are pleased to have arranged this financing that will allow LCIH to grow their fleet as they look to meet the increasing market demand for medium and heavy twin engine helicopters,” said Chris Cantwell, Group Head and Managing Director of CIT Corporate Finance, Aerospace & Defense. “These helicopters are in high demand as operators, particularly those in the oil and gas, search and rescue, and emergency medical services sectors, seek the most advanced technology equipment to meet their needs.”
Neil Wessan, Group Head and Managing Director, CIT Capital Markets, said, “We were successful in syndicating this transaction as the capital markets realize that demand for these types of assets is expected to increase steadily and will be driven by growth in the need for heavy lift helicopters on a global basis, combined with fleet replacement. We’re pleased to have put our extensive sector knowledge and financing expertise to work to allow LCIH to capitalize on these favorable industry dynamics.”
Jaspal Jandu, LCI’s Chief Financial Officer, said: “Helicopter leasing is a new and dynamic development in the aviation sector. In offering flexible financing options and a solid capital base to our lessees, we are pleased to have the support of our banking partners which demonstrates continued confidence and assurance in our approach.”
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About Lease Corporation International
Since its inception in 2004, LCI has acquired fixed wing and rotary aircraft with a value of around $6 billion. LCI is owned by Libra Group, an international business group with 30 subsidiaries operating across five continents. Libra Group’s subsidiaries are primarily focused on aviation, shipping, hospitality, energy and real estate, along with selected diversified investments. In 2014, KKR Financial Holdings, a U.S.-based investment company which, along with its affiliates, has $90.2 billion in assets under management, invested more than $100 million in LCI Helicopters, the helicopter-leasing arm of LCI. libra.com
About CIT Corporate Finance
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the middle market with a focus on specific industries, including: Aerospace & Defense, Business Services, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, Sports & Media and Transportation. cit.com/corporatefinance
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:CIT) . It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of June 30, 2014, it had approximately $14 billion of deposits and more than $18 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with approximately $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
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