NEW YORK & WHEATON, Ill.--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Communications & Technology Finance served as Sole Lead Arranger and Administrative Agent in a senior secured credit facility to Central States Tower (CST), a leading middle market operator and developer of wireless communications towers and a portfolio company of Sweetwater Capital, LLC. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Since 2006, CST has successfully constructed over 500 new wireless communications tower sites throughout the United States. Through this current financing with CIT and Sweetwater, CST has secured up to $75 million in new debt and equity financing.
“With this new financing in place, we will be able to seamlessly continue to develop and construct new tower sites,” said Brian Meier, Chief Executive Officer of Central States Tower. “We are extremely excited to work with CIT and Sweetwater again, both of whom have been valued and trusted partners.”
William Marraccini, Partner of Sweetwater Capital, said, “Along with CST’s management team, we intend to continue to execute our successful business model to build the highest quality tower portfolio in the U.S. CIT’s deep industry expertise and experience, coupled with our long-standing relationship, are the reasons we continue to look to CIT as our debt financing partner.”
“We have maintained a strong relationship with CST and Sweetwater Capital over the past eight years,” said Tom Westdyk, Group Head and Managing Director, CIT Communications & Technology Finance. “CST has a highly experienced management team with a proven track record that operates in an industry sector with very strong and stable fundamentals.”
Roger Fong, Director, CIT Communications & Technology Finance, said, “Based upon the strength of their development expertise and operational experience, we believe that CST is well positioned to capitalize on continuing positive trends within the wireless infrastructure sector. We’re pleased to provide this financing in continued support of CST’s growth efforts.”
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About Central States Tower
Founded in 2006, Central States Tower, LLC is a leading independent developer, owner and operator of wireless communications towers. CST’s management team has over 60 years of aggregate experience in the wireless infrastructure industry. centralstatestower.com
About Sweetwater Capital
Founded in 2002, Sweetwater Capital Holdings, LLC is a private equity investment firm that invests in service businesses with recurring revenue streams protected by inherent barriers to entry that provide critical infrastructure to the Internet and to wireless communications networks. sweetwatercg.com
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com