CIT Serves as Joint Lead Arranger in $310 Million Financing for the Snoqualmie Entertainment Authority

CIT served as Joint Lead Arranger in a $310 million senior secured credit facility for the Snoqualmie Casino near Seattle. (Photo: Business Wire)

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NEW YORK & SEATTLE--()--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it served as Joint Lead Arranger in a $310 million senior secured credit facility for The Snoqualmie Entertainment Authority, which owns and operates all gaming and related businesses on behalf of the Snoqualmie Tribe of Indians. The facility was used to refinance existing bond debt at the Tribe’s Snoqualmie Casino, an upscale Las Vegas-style casino and entertainment destination located 26 miles east of Seattle.

CIT Corporate Finance served as Joint Lead Arranger for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“We are pleased to continue our long standing relationship with The Snoqualmie Tribe, having previously served as lead arranger in a $45 million senior secured credit facility in June 2008 that was primarily used to acquire essential use gaming and gaming-related equipment,” said Steve Epperly, Senior Director of CIT Corporate Finance, Gaming. “The Snoqualmie Casino employs more than 1,200 people while being an upscale casino and entertainment destination in the Seattle Metropolitan Area. This transaction highlights our ability to put our knowledge to work to structure deals that meet the evolving needs of our clients in the gaming sector.”

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About the Snoqualmie Casino

Snoqualmie Casino (the “Company” or “Casino”) is an upscale Las Vegas-style casino and entertainment destination in the northwestern United States. The facility, which opened on November 6, 2008, is located 26 miles east of downtown Seattle. The facility is open 24 hrs. a day, 7 days a week and its 57,500 sq. ft. gaming floor offers 1,600 Class III Video Gaming Terminals, 110 Class II Video Gaming Terminals, 55 standard table games and a five-table poker room. In addition to the Casino’s gaming amenities, the facility offers a diverse set of casual and fine dining experiences including a Las Vegas-style buffet. snoqualmienation.com

About CIT Corporate Finance

Corporate Finance provides lending, leasing and other financial and advisory services to the middle market with a focus on specific industries, including: Aerospace & Defense, Business Services, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media. cit.com/corporatefinance

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 transportation sectors. Through its Internet bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of December 31, 2013, it had more than $12 billion of deposits and over $16 billion of assets. cit.com/CITBank

About CIT

Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its Internet bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com

Contacts

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Barbara Callahan, 973-740 -5058
Senior Vice President
Barbara.Callahan@cit.com

Release Summary

CIT served as Joint Lead Arranger in a $310 million senior secured credit facility for the Snoqualamie Entertainment Authority

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Contacts

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Barbara Callahan, 973-740 -5058
Senior Vice President
Barbara.Callahan@cit.com