CIT Group, a provider of financing to small businesses and middle-market companies, has secured a revolving credit facility worth $2 billion. The company intends to use the proceeds to fully repay and terminate its outstanding $2.5 billion first lien term loan.
The new loan is scheduled to mature in August 2015. BofA Merrill Lynch, Barclays Capital and JP Morgan were joint lead arrangers and bookrunners for the revolving credit facility. Bank of America was administrative agent.
Click here for the release from Business Wire.