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CIT Serves as Lead Arranger in $50 Million Financing for Dana Transport

February 05, 2013, 07:15 AM
Filed Under: Industry News

CIT Group announced that it arranged a $50 million senior secured term loan to Avenel, NJ-based Dana Transport, one of the transport industry’s leading carriers and servicing companies.

CIT Capital Equipment Finance served as Lead Arranger, Sole Book Runner, Collateral Agent and Administrative Agent in the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“This transaction highlights CIT’s ability to develop customized financing solutions for our middle market clients,” said Vince Belcastro, Managing Director and Group head of CIT Equipment Finance. “This financing for Dana Transport further supports their ongoing growth strategy and enables the company to leverage its fleet of specialized trailers and gain additional liquidity.”

Ronald Dana, President of Dana Transport, said, “CIT thoroughly understood our business and was able to provide prompt financing tailored to our needs. They were flexible and fast – two aspects that helped finalize this transaction. We look forward to continuing our relationship with CIT.”

Dana Transport operates one of the industry's largest and most efficient fleets of over-the-road liquid bulk tank trailers, 20-foot container tanks, heavy duty drop-deck chassis and liquid bulk rail cars. Dana’s fleet provides local, regional and long haul service through its extensive terminal network. Its liquid bulk service capability includes chemicals, consumer products, agricultural products, food and beverage and pharmaceutical-grades.

CIT Capital Equipment Finance is a leading provider of equipment financing solutions for middle market companies in a wide range of industries. We have nearly a century of experience in developing innovative financial products and services that are flexible, affordable and tailored to our customers’ specific needs.

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