CIT Arranges Senior Credit Facility
NEW YORK, January 25, 2022
NEW YORK, January 25, 2022 /PRNewswire/ — CIT, a division of First Citizens Bank, today announced that its asset-backed lending business has entered into a senior secured credit facility for FPA WhiteHawk III-Plus Master Fund LP (the ” WhiteHawk FPA Fund” or the “Fund”) to facilitate the investments of the Fund.
The WhiteHawk FPA Fund seeks to earn attractive returns by sourcing and structuring asset-based loans to private and public companies. The credit facility leverages the Fund’s existing portfolio and provides capital for future growth.
“CIT has a long-standing reputation as a premier asset-backed lender,” said Robert Louzan, Chairman, WhiteHawk Capital Partners LP (“WhiteHawk Capital”), the Fund’s sub-investment manager. “We appreciated their expertise and agility in setting up this credit facility to support the Fund’s growth.”
“The portfolio managers of the WhiteHawk Capital Fund and its investment advisor,
First Pacific Councilors LP, are well recognized in the industry for their ability to identify attractive asset-based lending targets,” said Chris Esposito, managing director and group head for CIT’s asset-backed lending business. “We were delighted to arrange this credit facility and look forward to supporting future opportunities as they arise.”
Asset-Based Lending, part of CIT’s Commercial Finance business, addresses customers’ working capital needs by providing innovative structures that reduce funding costs and operational risk while improving revenue by leveraging accounts receivable, inventory or fixed assets as security.
CIT is a division of First Citizens Bank, the largest family bank in United States, carrying on a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is one of the top 20 U.S. financial institutions with more than $100 billion in assets. The Company’s Commercial Banking segment provides a wide range of premier lending, leasing and banking services to medium and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring deep expertise that helps businesses and individuals achieve their specific goals at every stage of their financial journey. Find out more at cit.com/firstcitizens.
First Pacific Councilors , LP
DPF, a Los Angelesinstitutional fund management company, employs a disciplined approach to value investing, prudently seeking superior long-term returns while emphasizing capital preservation. From December 31, 2021, FPA manages approximately $29 billion through multiple strategies. For more information, visit fpa.com.
About WhiteHawk Capital Partners
WhiteHawk Capital Partners, LP (“WhiteHawk”) is a private credit investment manager focused on asset-based financing solutions for public and private middle-market companies in a variety of industries. WhiteHawk provides senior secured financing under various structures for refinancing, recapitalization, growth, acquisition, restructuring, transition and DIP/emergence purposes. For more information, visit whitehawkcapital.com.
John M. Moran
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SOURCE CIT, a division of First Citizens Bank