|CIT and TPG Special Situations Partners Enter into Strategic Relationship|
Establish Financing Joint Venture
NEW YORK, NY- August 26, 2015 -- CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of commercial lending and leasing services, today announced a joint venture with funds managed by TPG Special Situations Partners (TSSP), the dedicated special situations and credit platform with over $12 billion of assets under management, and part of TPG, a leading global private investment firm.
Strategic Credit Partners, a CIT TSSP Joint Venture, will have a target size of $500 million and will provide senior secured financing to companies in a variety of industries throughout the United States, including communications, healthcare, information services and technology, industrials and restaurants. CIT Asset Management LLC will serve as Administrative Agent to the joint venture.
“We are pleased to enter into this strategic relationship with TSSP and announce the formation of this joint venture,” said Jim Hudak, President of CIT Corporate Finance. “Our efforts to support the financing needs of our customers will be greatly enhanced through this new relationship. This joint venture will further advance our efforts to grow our commercial lending franchise while providing us the opportunity to increase our agency roles and grow our relationships within the sponsor community.”
Alan Waxman, Partner and Chief Investment Officer of TSSP, said, “We are excited to enter into this new business partnership with CIT. We believe this new venture will allow us to extend our reach in providing critical financing to businesses in the U.S. economy while delivering high-quality assets to our investors. This partnership with CIT reflects our shared views on building a unique platform centered on credit discipline and risk management in order to provide attractive risk-adjusted returns for our investors.”
Deutsche Bank served as financial advisor to CIT, and Dechert LLP served as CIT’s legal counsel. Cleary Gottlieb Steen & Hamilton LLP served as legal counsel to TSSP.
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About TPG Special Situations Partners
TSSP, with over $12 billion of assets under management as of June 30, 2015, is the dedicated special situations and credit platform of TPG, a leading global private investment firm with approximately $75 billion of assets under management and 17 offices around the world. TSSP has extensive experience with highly complex, global public and private investments executed through primary originations, secondary market purchases and restructurings
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com