2-Jul-2013 Source: CIT
CIT Group Inc. (NYSE: CIT), a global leader in transportation finance, today announced that CIT Transportation Lending provided financing to Dublin-based Lease Corporation International (LCI) to acquire three AgustaWestland 139 helicopters. The aircraft are in offshore oil and gas configuration and are on lease to UK-based Bond Helicopters and Malaysia-based Weststar Aviation.
CIT Transportation Lending structured and facilitated the transaction, while financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“LCI’s vision, execution and product offering positions them well to serve helicopter operators and CIT is happy to provide financing in support of their growth strategy,” said Oliver Althoff, Director, CIT Transportation Lending.
Mike Platt, Chief Executive Officer of LCI, said, “The CIT Transportation Lending team brought to bear structural flexibility, recourse and non-recourse options, global knowledge and industry expertise. We look forward to a strong partnership in the future.”
LCI (www.lciaviation.com) is owned by the Libra Group (www.libra.com), an international business group with companies operating from 25 offices across four continents. Libra Group’s subsidiaries are primarily focused on aviation, shipping, hospitality, energy and real estate. Since its inception in 2004, LCI has acquired fixed wing and rotary aircraft with a value of around US$5 billion. Today the company has a fleet of Airbus and Boeing aircraft on lease to some of the world’s leading airlines, including Singapore Airlines, Air France and Asiana. LCI is also a launch customer for the Bombardier CSeries having placed an order for 20 aircraft valued at approximately US$1.4 billion, with options for a further 20 aircraft. The helicopter leasing division was established in 2012 with a $400m order for AgustaWestland helicopters.
About CIT Transportation Lending
CIT Transportation Finance, provides integrated financial solutions to manufacturers, suppliers and service providers in the aerospace, defense, homeland security and government contracting industries cit.com/translending
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of March 31, 2013, it had $10.6 billion of deposits and $13.3 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in financing and leasing assets. It provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com