NEW YORK, Sept. 10, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Communications & Technology Finance unit served as sole lead arranger for a senior secured credit facility to Neutral Connect Networks LLC.
Founded in 2016 and based in Boynton Beach, Florida, Neutral Connect Networks (NCN) is a leading provider of wireless communications networks for use in transportation systems, sports and entertainment venues, shopping centers, parks, business districts and other locations.
Through this current financing with CIT and M/C Partners, NCN has secured up to $55 million in new debt and equity financing.
"I am excited to be working with CIT again," said NCN Chief Executive Officer Paul McGinn. "Our past relationship has been very successful, and this facility will allow us to take the next step forward on NCN's master development plan, which is now fully funded. We also continue to receive great support from our equity investor, M/C Partners, which together with CIT makes NCN a very strong competitor."
"We're extremely pleased to provide this financing in support of NCN's continuing growth efforts," said Tom Westdyk, managing director and group head for CIT's Communications & Technology Finance unit. "With Paul's leadership experience and M/C Partners' industry expertise, NCN is well positioned to capitalize on attractive opportunities in the wireless communications infrastructure sector."
CIT's Communications & Technology Finance group provides cash flow and asset based senior debt for communications and technology companies in the middle market throughout the United States.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of June 30, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. 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. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
About Neutral Connect Networks
Founded in 2016, Neutral Connect Networks, LLC is an independent developer, owner and operator of wireless communications networks offering neutral hosting in addition to traditional attachment. NCN's management team has over 75 years of aggregate experience in the wireless infrastructure industry. www.neutralconnect.com.
About M/C Partners
M/C Partners is a private equity firm focused exclusively on the communications, media, and information technology sectors. The firm has invested over $2.2 billion of capital into nearly 100 companies in those sectors. M/C-backed companies include Cavalier Telephone, Denovo, Ensono, Everstream, Fusepoint, ICG Communications, Involta, Legendary Pictures, Lightower, MetroPCS, NuVox, and Zayo Group. The firm has strong institutional backing from the nation's leading pension funds and endowments as well as a long track record of success. M/C Partners is headquartered in Boston. For more information, visit www.mcpartners.com.
CIT MEDIA RELATIONS:
John M. Moran
NCN MEDIA RELATIONS:
SOURCE CIT Group Inc.