News
CIT Provides $27 Million Financing to Virgo Investment Group
Wednesday 30th July 2014
CIT Group Inc. (NYSE:CIT), a global leader in aircraft finance, today announced that CIT Aerospace provided a million senior secured credit facility to Virgo Investment Group LLC, a private investment management firm, to finance its acquisition of four Boeing 737-700 aircraft leased to GOL, an airline based in Rio de Janeiro, Brazil. Each aircraft is equipped with CFM56 engines.
The financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
"We are pleased to establish this new relationship with Virgo Investment Group that highlights our ability to effectively finance mid-life aircraft," said John Morabito, Senior Vice President, Financial Institutions Group, CIT Commercial Air. "We look forward to continuing to put our knowledge to work for our customers and growing our relationship with Virgo Investment Group in the future."
Mark Perez, Partner of Virgo Investment Group, said, "Our aviation strategy focuses on opportunistic situations for mid-life aircraft where we can maximize exit optionality and optimize risk-adjusted returns. We're pleased to acquire these aircraft for GOL, the leading low-cost airline in Brazil. CIT's deep industry knowledge and expertise helped to close this transaction in a timely manner. We look forward to working with CIT again in the future."
About Virgo Investment Group
Virgo Investment Group is an opportunistic, private investment firm with a value investment philosophy, a bias toward the preservation of capital and an emphasis on generating a current yield on invested capital. Virgo invests in dislocation and change, targeting less efficient market segments and identified themes in the firm's core industries. A theme-based approach to idea generation coupled with proactive sourcing, a flexible mandate and creative transaction structuring skills allow the firm to create differentiated opportunities and optimize risk-adjusted returns across market investment cycles. Founded in 2009, Virgo has over 0 million under management and has completed 34 investments to date within its core industries, which include aviation and niche industrials, media and entertainment, specialty finance (including real estate), health care and energy. virgo-llc.com
CIT Aerospace
CIT Aerospace provides customized leasing and secured financing to operators of commercial and business aircraft. Our financing services include operating leases, single investor leases, leveraged financing, sale and leaseback arrangements, as well as loans secured by equipment. cit.com/aerospace
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 June 30, 2014, it had approximately billion of deposits and more than billion of assets. cit.com/CITBank
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with approximately 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.
Source: The Wall Street JOurnal - Online