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CIT Arranges $70MM Secured Credit Facility for MPC Container Ships

August 11, 2021, 07:20 AM
Filed Under: Marine

CIT Group Inc. announced its Maritime Finance business served as sole lead arranger on a $70 million senior secured credit facility for MPC Container Ships, a leading provider in the feeder container ship market segment.

MPC Container Ships operates a fleet of 64 vessels. Financing through its secured credit facility can be used for additional fleet equipment investments, potential acquisitions and general corporate purposes.

"We have worked closely with CIT's Maritime Finance in the past and are pleased to continue our association with this latest financing, which supports the operations and growth of our company as a leading provider in the feeder container space," said MPC Chief Executive Officer Constantin Baack.

"We were pleased to leverage our expertise to help empower MPC Container Ships with the financing needed to continue its leadership in the container shipping sector," said Evan Cohen, Managing Director and group head for CIT's Maritime Finance business, part of the company's Commercial Finance division.

Maritime Finance, part of CIT's Commercial Finance division, offers customized solutions for secured loans to a global client base of vessel owners and operators. Key areas of focus include the tanker, bulker, container and Jones Act shipping sectors.

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