CIT Group announced that it has closed a new $1 billion committed U.S. vendor finance conduit facility with Barclays Bank as administrative agent and three additional banks as committed lenders.
This new facility supplements the recently closed $667 million TALF eligible equipment securitization, which also financed Vendor Finance originated assets.
These new financings further support CIT’s lending to the small business and middle market customers it serves. The new private facility will allow CIT Vendor Finance to fund both existing assets and new originations.
The revolving period of the facility expires in March 2011 and the facility has a final maturity in 2018.