Cit Group Inc News

CITIC Maritime Finance says it has provided a $46.4 million senior secured credit facility to Epic Gas Ltd. headquartered in Singapore, which operates a fleet of  40 LPG and petrochemicals tankships. CITIC add that the facility was used to partially finance the acquisition of a fleet of five LPG tankers that includes three newbuildings and two modern gas carriers acquired in the secondary market. Financing from CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

CIT Group Inc has provided a senior secured credit facility to Tanker Solutions, a joint venture between funds managed by TPG Credit Management and Prime Tanker Management, to support the purchase of 'MT Pike' (formerly the 'M/T Starling'), a 73,700 DWT LR1 product tanker built in 2008. The financiers say that the vessel represents the first asset acquisition by Tanker Solutions and will be operated by Prime Tanker Management. “With this transaction, we continue to build relationships with industry-leading operators and investment firms, further expanding our footprint in the marketplace. Financing was provided by CIT Bank , the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed.

Trico Marine Services, Inc. announces the appointment of Robert V. O'Connor as Senior Vice President of Business and Strategic Development. Prior to joining Trico, O'Connor spent in excess of 20 years in the marine transportation business in commercial, technical, and financial roles with domestic and international companies. Most recently, he spent the past five years with The CIT Group, Inc., a leading commercial and consumer finance company, as Vice President of financial sales, lending to middle market marine transportation and energy companies. Prior to his tenure with CIT, he was marketing manager of Koch Chemical company where he was responsible for the marketing and trading of global bulk aromatic chemicals.