CIT Provides Financing to BAUER-Pileco

  CIT Provides Financing to BAUER-Pileco

Business Wire

NEW YORK -- January 16, 2013

CIT Group Inc. (NYSE: CIT), a leading provider of financing and
advisory services to small businesses and middle market companies, today
announced that it has provided an equipment based revolving line of credit to
BAUER-Pileco, Inc., a U.S. subsidiary of BAUER Aktiengesellschaft (BAUER AG).
Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of
CIT. Terms of the transaction were not disclosed.

“This deal underscores our expertise and ability to complete complex financing
transactions in the equipment financing market,” says Vince Belcastro,
Managing Director and Group Head of CIT Capital Equipment Finance. “This
transaction will allow BAUER AG’s U.S. subsidiary to acquire manufactured
foundation drilling rigs and other related equipment from its
parent/manufacturer for use by BAUER customers throughout the U.S. and

Thomas L. Jarboe, Chief Financial Officer of BAUER-Pileco, says, “The deal had
heightened complexity due to its lease structure and its fleet rental nature,
coupled with the accounting and legal issues inherent in a multi-national
firm’s financing of equipment in multiple countries.Closing the transaction
required extensive work in Germany and Canada, as well as in the U.S. We look
forward to continuing our relationship with CIT.”


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About BAUER-Pileco

BAUER-Pileco, Inc., is a U.S. subsidiary of BAUER Aktiengesellschaft (BAUER
AG).BAUER-Pileco is a leading global provider of foundation equipment and
support to the foundation construction industry. BAUER-Pileco has offices and
a dealer network with locations throughout the United States. Recognized for
its technological advances and innovation, BAUER-Pileco represents BAUER
Maschinen across North andCentral America. Founded in 1790 and headquartered
in Bavaria, Germany, the stock-market listed holding company BAUER AG is the
parent of more than 110 subsidiary businesses in the fields of construction,
equipment manufacturing and rental, and resources, employing 9,700 people in
more than 70 countries.

CIT Capital Equipment Finance

CIT Capital Equipment Finance is a leading provider of equipment financing
solutions for middle market companies in a wide range of industries. We have
nearly a century of experience in developing innovative financial products and
services that are flexible, affordable and tailored to our customers’ specific

About CIT Bank

Founded in 2000, CIT Bank (Member FDIC) 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 rail sectors. Through its online bank,, CIT Bank offers a suite of savings options designed to help
customers achieve a range of financial goals. It is regulated by the Federal
Deposit Insurance Corporation and the Utah Department of Financial
Institutions. As of September 30, 2012, it had $8.6 billion of deposits and
$11.6 billion of assets. CIT Bank makes loans without regard to race, color,
religion, national origin, sex, handicap, or familial status.

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 
billion in financing and leasing assets. A member of the Fortune 500, it
provides financing and leasing capital and advisory services to its clients
and their customers across more than 30 industries. CIT maintains leadership
positions in small business and middle market lending, factoring, retail
finance, aerospace, equipment and rail leasing, and global vendor finance. CIT
also operates CIT Bank (Member FDIC), its primary bank subsidiary, which,
through its online bank, offers a suite of savings options
designed to help customers achieve a range of financial goals.


C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Matt Klein, 973-597-2020
Vice President, Media Relations
Ken Brause, 212-771-9650
Executive Vice President
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