CIT Provides Financing to GCT Global Container Terminals Inc.
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Capital Equipment Finance provided a $23.5 million credit facility to GCT Global Container Terminals Inc. (GCT) to purchase two new Liebherr P203L (WS) post-Panamax ship-to-shore gantry cranes that will be used at its semi-automated container terminal in Bayonne, New Jersey. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.
Located in the largest port on the North American East Coast, GCT provides container handling services for its customers in one of the most concentrated consumer markets in the world. The company operates two key container terminal facilities in the Port of New York and New Jersey: GCT Bayonne in Bayonne, New Jersey and GCT New York in Staten Island, New York.
This represents the second transaction between CIT and GCT. In 2014, CIT provided financing that supported the acquisition of 17 new Terex shuttle trucks now in operation at the newly expanded GCT Bayonne facility.
Chris Davies, Chief Financial Officer, GCT Global Container Terminals Inc., said, “This financing supports the build-out of our award-winning state-of-the-art terminal, GCT Bayonne. The expansion not only increased our terminal footprint from 100 to 167 acres, but our innovative redesign enabled us to increase safety, improve reliability and decrease processing times, ensuring we have the highest productivity within the harbor. Our history with CIT made them the perfect choice for this financing, and we look forward to our continued partnership in the future.”
Burt Feinberg, President of CIT Corporate Finance, Commercial & Industrial, said, “We’re pleased to be able to support GCT’s acquisition of these gantry cranes, a key component to efficient terminal operations. Our expertise in the large-ticket equipment financing market and understanding of shipping and the related terminal industry dynamics allowed us to develop a flexible structure to secure this mission-critical equipment to support GCT’s continued growth and modernization in connection with their presence in this strategically significant U.S. East Coast port.”
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About GCT Global Container Terminals Inc.
Headquartered in Vancouver, British Columbia, GCT Global Container Terminals Inc. operates four container terminals through three principal businesses in North America: GCT Canada Limited Partnership in Vancouver and Delta in British Columbia; GCT New York LP on Staten Island, New York; and GCT Bayonne LP in Bayonne, New Jersey. globalterminals.com
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 December 31, 2014, it had approximately $16 billion of deposits and more than $21 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $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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