Last Updated July 06, 2010
New York-based small and medium-sized business lender CIT has announced that it has opened around US$2.5bn in new lines of credit.
Around US$650mn of the total will be used to fund a trade finance revolving facility, which matures in August 2011.
Citibank served as administrative agent and committed lender with Deutsche Bank also acting as committed lender.
The remaining US$151.8mn will be used for the company’s UK-based vendor financing business and will be used to fund both existing assets and new originations.
Deutsche Bank acted as lender for this facility, which has a much longer tenor, reaching final maturity in 2018.
The announcement shows a significant rebound for CIT, which filed for bankruptcy in November 2009.
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