- Date published:
- Author:Brian Wood
- Category:Press Releases
CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, announced that it has provided a $46.5 million senior secured credit facility to American Internet Services (AIS), a leading provider of enterprise-class data center and connectivity services in the Western United States.
CIT Communications, Media & Entertainment served as Sole Lead Arranger of the financing, which AIS will use to support the Company’s strategic growth and expansion strategy and to lower its cost of capital. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.
“This financing is another example of CIT’s longstanding support for middle market companies in the data center sector,” said Joseph E. Junda, Senior Director, CIT Communications, Media & Entertainment. “AIS is a recognized regional leader in enterprise-class infrastructure services and we are pleased to have arranged this financing that will support their future growth.”
Tim Caulfield, Chief Executive Officer at AIS, said, “We have had a solid business relationship with CIT since 2007. This latest transaction will allow us to strategically develop our business and meet the needs of our customers.”
Scott McCormack, Partner of Seaport Capital, the lead investor in AIS, added, “CIT has been a strong partner for AIS. Their team of highly experienced financial professionals is dedicated to serving the strategic and financial needs of its clients, which is why Seaport looks forward to the continued partnership between AIS and CIT.”
About CIT Corporate Finance
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including Communications, Energy, Entertainment, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, Sports and Gaming. cit.com/corporatefinance
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. cit.com