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May 29, 2015 1:34 PM ET

Aerospace and Defense

Company Overview of CIT Aerospace, Inc.

Company Overview

CIT Aerospace, Inc. provides leasing and financing solutions for aircraft fleets. It offers a fleet of commercial and business aircraft for lease to airlines in the United States and internationally. The company also provides various financing solutions, including senior loans, mezzanine financing, and lease financing to commercial and business aircraft operators, manufacturers, and suppliers in the aerospace and defense industry, as well as to financial institutions. In addition, it offers advisory services in the areas of structured financing and asset management services. The company was incorporated in 1989 and is based in New York, New York with additional locations in Ft. Lauderdale, F...

11 West 42 Street

New York, NY 10036

United States

Founded in 1989

Key Executives for CIT Aerospace, Inc.

Managing Director of Healthcare
President of CIT Transportation Finance
Age: 55
Chief Sales Officer of CIT Aerospace International and Senior Vice President of CIT Aerospace International
Managing Director
Compensation as of Fiscal Year 2014.

CIT Aerospace, Inc. Key Developments

CIT Aerospace and Century Tokyo Leasing Corporation to Establish Joint Ventures Designed to Capitalize on Growing Global Aerospace Leasing Market

CIT Group Inc. announced that it has agreed to form TC-CIT Aviation Ireland and TC-CIT Aviation U.S. (together TC-CIT Aviation), joint ventures between CIT Aerospace, and Century Tokyo Leasing Corporation (CTL). Under the terms of the agreements, TC-CIT Aviation will acquire commercial aircraft that will be leased to airlines around the globe. Initially, CIT Aerospace expects to sell 14 commercial aircraft to TC-CIT Aviation in transactions with an aggregate value of approximately $0.5 billion and will be responsible for arranging future aircraft acquisitions, negotiating leases, servicing the aircraft and administering the entities. CIT will also make and maintain a minority equity investment in TC-CIT Aviation. CTL will make and maintain a majority equity interest in the joint venture and will be a lender to the newly-established companies. TC-CIT Aviation will be co-managed by CIT Aerospace and CTL. John Morabito, Head of Financial Institutions of CIT Aerospace, and Mahoko Hara, Executive Officer and General Manager, Financing Strategy and Solutions, from CTL will be key representatives from each institution managing the activity of the joint venture.

CIT Aerospace Orders 30 Boeing Planes in $3 Billion Deal

Boeing announced that CIT Aerospace had ordered 30 of its new, medium-haul 737 MAX aircraft in a deal worth $3 billion (€2.2 billion) at catalogue prices. The US plane manufacturer has already announced billions of dollars in deals as well as the launch of a long version of its next-generation Dreamliner 787, but it is still trailing behind Airbus in new plane orders.CIT owns or finances a fleet of around 350 commercial aircraft, and has operating lease and financing agreements in place for 128 Boeing planes. The group also ordered Airbus's next-generation A350 earlier this year.

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