CIT Provides Financing for Acquisition of Anchor Drilling Fluids USA.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group Inc. (NYSE NYSE See: New York Stock Exchange : CIT), a leading global commercial finance company, today announced that it provided financing to Castle Harlan, a New York based private equity investment firm, for the acquisition of Anchor Drilling Fluids USA, Inc., the nation's largest independent provider of drilling fluids and fluid-handling services for onshore oil and gas drilling. CIT Energy acted as a Co-Syndication Agent in the $119.5 million senior secured credit facility for Castle Harlan and provided $20 million in revolver and term loan financing. "The financing for Anchor Drilling Fluids' acquisition continues our long-term commitment to the Oilfield Services sector," said Peter Gaw, President of CIT Energy. "Oilfield service is a priority area for CIT and we are proud to use our extensive capabilities to help Castle Harlan strengthen their energy portfolio." William Pruellage, Castle Harlan Managing Director, said, "CIT's responsiveness and depth of industry knowledge was a significant asset in this acquisition. Their strong advisory offering makes them a valuable partner in middle market energy financing." Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com. In addition, individuals can access 5 Minute Capital, a series of five-minute podcasts featuring senior CIT executives commenting on current market conditions, investment trends, and future growth opportunities in the middle market. Recent episodes feature Peter Gaw, President of CIT Energy. About Castle Harlan Castle Harlan, founded in 1987, invests in controlling interests controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the buyout and development of middle-market companies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and, together with CHAMP Private Equity, Australasia. Since inception, Castle Harlan companies, representing over $9 billion in enterprise value. Anchor is Castle Harlan's 49th acquisition. Castle Harlan's operating companies, which employ more than 42,000 people, include AmeriCast Technologies, a leading designer and manufacturer of large, complex steel castings used in mining trucks, locomotives and energy equipment; Ames True Temper, a leading manufacturer of lawn and garden tools and accessories; and Baker & Taylor, the leading global distributor of books and entertainment products to libraries and retailers. About CIT Energy CIT Energy is leading provider of value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. financing and advisory products and services to higher growth, entrepreneurial companies throughout the energy sector. It covers the full value chain including: Exploration & Production, Oilfield Services, Midstream mid·stream n. 1. The middle part of a stream. 2. The part of a course that is neither at the beginning nor at the end: the midstream of life. Noun 1. , Power, Energy Technologies and Metal & Mining. By combining extensive industry experience, structuring expertise and underwriting capacity, CIT Energy provides comprehensive solutions to our clients most critical strategic and funding needs. About CIT CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $80 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business Administration lending, equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
The lending of money by a company to one of its customers so that the customer can buy products from it. By doing this, the company increases its sales even though it is basically buying its own products. and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. Founded in 1908, CIT is celebrating its Centennial throughout 2008. www.cit.com |
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