CIT Group Inc has renewed its $1 billion committed US vendor finance facility, significantly reducing costs, increasing the advance rate and lengthening the term.
The private facility supports CIT's lending to small business and middle market companies and will allow CIT vendor finance to fund both existing assets and new originations.
CIT is a leading provider of financing to small businesses and middle market companies.
"This transaction highlights our progress in securing stable and low-cost funding to support the small business and middle market sectors, which remain vital to the ongoing recovery of the US economy," said John A Thain, chairman and chief executive of CIT.
The committed revolving period of the facility expires in March 2013 and the facility has a final maturity in 2020. Barclays Bank plc continues to serve as administrative agent with three additional banks as committed lenders.
CIT is a bank holding company with more than $35 billion in finance and leasing assets. It provides financing and leasing capital to small business and middle market clients and their customers across more than 30 industries.