CIT Serves as Lead Arranger in Pocket Communications Financing.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 served as lead arranger Lead arranger The senior tier of arranger in a $45 million senior secured credit facility to Pocket Communications, a provider of prepaid, flat rate unlimited wireless and voice data services. Financing for the deal was agented by CIT Communications Media & Entertainment, a unit of CIT. "CIT is pleased to support Pocket's growth initiatives with this credit facility, which was completed in a challenging financial market environment," said Tom Westdyk, Managing Director, CIT Communications, Media & Entertainment. "This success was due primarily to Pocket's exceptional operating performance during this time. We remain committed to financing strong business models, such as Pocket's, within the wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. industry." Paul Posner, President and Chief Executive Officer of Pocket Communications said, "This was our first senior secured facility so we were very selective in our choice of lenders. We looked at the track record of CIT in the communications space and were confident that they could provide us with the financing we needed to continue our success." Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com. About Pocket Communications Pocket provides prepaid, flat rate, unlimited use wireless voice and data services to more than a quarter of a million subscribers, allowing customers to place and receive unlimited wireless calls within Pocket's service area for a flat monthly fee without the burden of the one or two year contract required by traditional wireless companies. Headquartered in San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , TX, Pocket operates in the San Antonio, Laredo, and Brownsville-McAllen markets in South Texas which have a combined population of approximately 3.6 million. www.pocket.com 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 $70 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, vendor financing Vendor Financing 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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