NEW YORK & OVERLAND PARK, Kan.--(BUSINESS WIRE)--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 $450 million senior secured credit facility for YRC Worldwide, one of the largest less-than-truckload (LTL) operators in North America. LTL carriers collect freight from various shippers and consolidate that freight for delivery. The facility will be used to partially refinance YRC Worldwide’s capital structure.
RBS Citizens Business Capital acted as Lead Arranger and Administrative Agent and CIT Corporate Finance and Bank of America Merrill Lynch served as Joint Lead Arrangers for the transaction. Financing from CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We are pleased to play a major role in this financing to YRC Worldwide, one of the largest, most comprehensive less-than-full-load trucking company networks in North America,” said Claude Mattessich, Managing Director of CIT Corporate Finance, Commercial & Industrial. “Providing financing to YRC Worldwide not only helps to grow the U.S. economy, it also highlights our ability to support an asset-intensive company with a strong market position that is essential to U.S. commerce.”
Mark Boehmer, Vice President and Treasurer of YRC Worldwide, said, “This transaction allowed us to refinance our existing capital structure and positions us to thrive as we continue to focus on getting back to the fundamentals of LTL transportation and providing the same level of service our customers have grown accustomed to. CIT’s industry expertise, experience and knowledge in our sector were instrumental in completing this financing and we look forward to building our relationship.”
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About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company and one of the largest transportation service providers in the world, is the holding company for a portfolio of transportation and logistics services, including YRC Freight, New Penn, Holland and Reddaway. YRC Worldwide has the largest, most comprehensive network in North America with local, regional and national capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply-chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. The company has headquarters in Overland Park, Kansas. yrcw.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, 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. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of December 31, 2013, it had more than $12 billion of deposits and over $16 billion of assets. cit.com/CITBank
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’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com