Le Lézard
Classified in: Business
Subject: FNC

CIT Serves as Sole Lender on $75 Million Revolving Credit Facility for Skillsoft


NEW YORK, Sept. 30, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business served as agent and sole lender on a $75 million revolving credit facility for Skillsoft, a global leader in learning and talent management solutions

Based in Boston, Massachusetts, Skillsoft enables organizations to unlock the potential in their employees by delivering a range of digital learning and talent management solutions. The financing will be used to support continuing business operations and growth objectives.

"We were impressed by CIT's agility and expertise in arranging this financing at a critical moment in Skillsoft's evolution," said John Frederick, Skillsoft's chief administrative officer. "With our stronger balance sheet and significantly enhanced financial resources, we will continue our focus on investing in best-in-class solutions and innovation, supporting our customers' drive to develop adaptability, agility and resilience in their organization to rapidly evolve in an ever-changing world."

"Asset-based financing was the right solution for Skillsoft at a key juncture as the company continues to support its customers while managing through today's challenging economic environment," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "We were pleased to provide the credit facility Skillsoft needed to pursue its business goals."

CIT's Asset-Based Lending business meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

MEDIA RELATIONS:
John M. Moran
212-461-5507
[email protected]

SOURCE CIT Group Inc.


These press releases may also interest you

at 09:30
Connolly Brothers Inc., a construction management firm serving private commercial, industrial and institutional clients, recently completed a 52,000 square-foot design-build fit-up project for Calare Properties. The facility, located in Milford, MA,...

at 09:30
Policybazaar, India's leading online insurance marketplace, is witnessing a significant increase in non-resident Indians (NRIs) choosing term insurance from India via its platform. This surge is driven by the unparalleled ease, benefits and...

at 09:27
My Daily Leadership, a pioneering leadership development company, has announced the launch of its proprietary Leadership Assessment tool. Designed to help leaders benchmark themselves against top leaders across the globe, the assessment helps to...

at 09:20
This strategic move...

at 09:07
Olympus announced today that it has been awarded a contract for its advanced energy portfolio by Provista Inc. This new, nationwide agreement provides Provista members with negotiated pricing for Olympus® energy products, including the...

at 09:05
Popular, Inc. announced today that it expects to report its financial results for the first quarter ending March 31, 2024, before the market opens on Tuesday, April 23, 2024. Popular will hold a conference call to discuss the financial results the...



News published on and distributed by: