NEW YORK & SINGAPORE--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a global leader in transportation finance, today announced that CIT Maritime Finance provided a $31.8 million senior secured credit facility to Epic Gas Ltd. to acquire two pressurized liquefied petroleum gas (LPG) tankers on the secondary market. Headquartered in Singapore, Epic Gas owns and operates a fleet of seaborne gas carriers that transport LPG and petrochemicals. Financing from CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“Including this transaction, CIT has provided north of $78 million of financing to Epic Gas in the past year allowing them to further build their portfolio of LPG tankers,” said Svein Engh, Managing Director and Group Head of CIT Maritime Finance. “Since we began our relationship with Epic Gas in 2013, the company has grown to become one of the largest owners and operators of pressurized LPG carriers in the market. We look to further building this relationship and supporting their future growth.”
Lars Vang Christensen, CEO of Epic Gas, said, “As the demand for LPG and petrochemicals continues to grow, so does the need for ample ocean and coastal transportation. Our vessels serve as a link in the international gas supply chains of leading oil majors and commodity trading houses throughout Southeast Asia, Europe, West Africa and the Americas. The two vessels we acquired through this financing are cost-efficient and ideal for short to medium haul of transporting/redistributing LPGs and chemical gases to the smaller gas terminals. We chose to work with CIT again because Svein and his entire Maritime Finance team are highly knowledgeable and deeply experienced. Their skill and financial acumen helped this transaction close quickly. We look forward to continuing our valued relationship with them.”
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About Epic Gas
Epic Gas Ltd. owns and operates a fleet of 47 modern and high quality fully pressurized gas carriers providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals. The company’s vessels serve as an important link in the international gas supply chains of leading oil majors and commodity trading houses throughout Southeast Asia, Europe, West Africa and the Americas. The company is headquartered in Singapore with additional offices in London, Manila, Tokyo and Hamburg. epic-gas.com
About CIT Maritime Finance
CIT Maritime offers senior secured loans, sale-leasebacks, and bareboat charters to owners and operators of oceangoing cargo vessels including tankers, bulkers, container ships, car carriers, as well as offshore vessels and drilling rigs. cit.com/maritime
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 June 30, 2014, it had approximately $14 billion of deposits and more than $18 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $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