CIT Northbridge and Tiger Finance Arrange Financing of Up to $47 Million for a Leading E-Commerce Seller of Branded Products
NEW YORK — March 29, 2022 — CIT Northbridge Credit, as advised by CIT Asset Management, and Tiger Finance today announced they have arranged up to $47 million in financing for a leading e-commerce seller of branded consumer products.
The financing consists of a $30 million revolving credit facility provided by CIT Northbridge, a $5 million term loan provided by Tiger Finance, and an accordion for up to an additional $12 million. The loans will be used to support the client’s inventory needs and provide capital for future growth opportunities.
“Our client has an outstanding track record for sourcing and selling branded products that meet consumer demand,” said Neal Legan, who leads CIT Northbridge. “We were pleased to arrange this asset-based debt facility to support the growth and development of their business.”
“We value the opportunity to partner with CIT and provide a holistic solution to meet our clients rapidly growing financing needs. We were impressed by the client’s performance and its growth and are pleased to join in this financing to help meet the company’s business objectives,” said Bob DeAngelis, group head of Tiger Finance.
CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.