CIT Provides $20 Million Financing to Mesilla Valley Transportation
NEW YORK & LAS CRUCES, NEW MEXICO -- May 08, 2013
CIT Group Inc.(NYSE: CIT) cit.com, a leading provider of financing and
advisory services to small businesses and middle market companies, today
announced that CIT Corporate Finance provided a $20 million senior secured
loan to Mesilla Valley Transportation (MVT), one of the largest locally-owned
transportation providers in Western Texas and Southern New Mexico. The
financing will be used to acquire multiple new 2014 International Prostar
Sleeper Tractors and 2014 Great Dane Dry Van Trailers. Financing was provided
by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the
transaction were not disclosed.
“This transaction provides Mesilla Valley Transportation an opportunity to
build its fleet as it continues to serve as a leading provider of
transportation services in the Southwest, ” said Vince Belcastro, Managing
Director and Group Head of CIT Capital Equipment Finance. “We are committed to
our middle market clients and proud to support MVT’s growth strategy in the
refrigerated and dry freight transportation services as they look to keep the
wheels of commerce in motion.”
Dean Rigg, Chief Financial Officer of Mesilla Valley Transportation, said, “We
chose CIT because they understood the nuances of the long-distance freight
trucking market. As one of the most fuel efficient carriers in the industry,
we also maintain one of the youngest fleets. To remain a leader in the sector,
new equipment is essential. CIT thoroughly understood our needs and helped us
close the transaction in a timely manner. We look forward to continuing our
relationship with CIT.”
View CIT’s corporate overview video (cit.com/corporatevideo) that showcases
our support of the small business, middle market and transportation sectors.
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About Mesilla Valley Transportation
Located in Las Cruces, New Mexico, and El Paso, Texas, Mesilla Valley
Transportation began in 1981 hauling primarily refrigerated/perishable goods,
as a small, independent fleet in the Southwest. Today Mesilla Valley
Transportation is one of the largest locally-owned transportation providers in
Western Texas and Southern New Mexico. The company specializes in time
sensitive service between major manufacturing areas in the U.S., Canada and
Mexico borders. MVT also has the most efficient fleet in the U.S. The company
prides itself on finding ways to make its equipment cut through the wind like
no other. They also use low rolling resistance tires, have cut parasitic drag
in its tractors, was the first to use trailer skirts 100% and have started
installing boat tails on the back of trailers to further reduce drag.
About CIT Corporate Finance
CIT Corporate Finance provides lending, leasing and other financial and
advisory services to the small business and middle market sectors, with a
focus on specific industries, including: Chemicals, Commercial Real Estate,
Communications, Energy, Entertainment, Gaming, Healthcare, Industrials,
Information Services & Technology, Restaurants, Retail, and Sports & Media.
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) 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, BankOnCIT.com, CIT Bank offers a suite of savings options
designed to help customers achieve a range of financial goals. As of March 31,
2013, it had $10.6 billion of deposits and $13.3 billion of assets.
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35
billion in financing and leasing assets. 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 vendor finance. CIT also operates CIT Bank (Member FDIC),
its primary bank subsidiary, which, through its online bank BankOnCIT.com,
offers a suite of savings options designed to help customers achieve a range
of financial goals. cit.com
CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Matt Klein, 973-597-2020
Vice President, Media Relations
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
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