January 9, 2019 3:30 PM, EST

CIT Northbridge Arranges $53.8 Million in Credit for Circle 8 Crane Services

Several Circle 8 cranes Circle 8 Crane Services

CIT Group Inc., the financial holding company of CIT Bank, has announced that its financing unit served as the sole lead arranger on a $53.8 million senior secured credit facility for Circle 8 Crane Services, a full-service crane rental company serving the Southwest.

“CIT Northbridge drew upon its extensive industry expertise to structure a flexible lending facility around this unique collateral pool and the business plan of Circle 8,” Neal Legan, who leads CIT Northbridge, said in a Jan. 7 press release.

Houston-based Circle 8 operates mobile cranes ranging from 50 tons to 550 tons. Its truck fleet includes 27 truck tractors, 123 trailers and 184 straight trucks, according to U.S. Department of Transportation records. The new credit facility was used to refinance an existing credit facility.

CIT Northbridge Credit is a joint venture managed by CIT’s Asset Management unit. It provides revolving and term loan commitments worth $15 million to $150 million to companies across various industries and business cycles. — Transport Topics