Product Tanker Purchase Assisted by CIT Group Financing

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. We look forward to supporting Tanker Solutions as it grows its portfolio.”
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.

“We are pleased to have had the opportunity to support the first vessel acquisition by Tanker Solutions,” said Svein Engh , Managing Director and Group Head of CIT Maritime Finance. “With this transaction, we continue to build relationships with industry-leading operators and investment firms, further expanding our footprint in the marketplace. We look forward to supporting Tanker Solutions as it grows its portfolio.”

Prime Tanker Management, who will manage the vessel, is a leading international ship management Company, based in Athens, Greece, focused on the commercial and technical management of product tankers. Prime Tanker Management, Inc., currently manages twenty six product tankers and seven LPGs through its affiliate Prime Gas Management.