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CIT Aerospace Provides $27MM to Virgo Investment Group

July 31, 2014, 06:00 AM
Filed Under: Aircraft

CIT Group announced that CIT Aerospace provided a $27 million senior secured credit facility to Virgo Investment Group LLC, a private investment management firm, to finance its acquisition of four Boeing 737-700 aircraft leased to GOL, an airline based in Rio de Janeiro, Brazil. Each aircraft is equipped with CFM56 engines.

The financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“We are pleased to establish this new relationship with Virgo Investment Group that highlights our ability to effectively finance mid-life aircraft,” said John Morabito, Senior Vice President, Financial Institutions Group, CIT Commercial Air. “We look forward to continuing to put our knowledge to work for our customers and growing our relationship with Virgo Investment Group in the future.”

Mark Perez, Partner of Virgo Investment Group, said, “Our aviation strategy focuses on opportunistic situations for mid-life aircraft where we can maximize exit optionality and optimize risk-adjusted returns. We’re pleased to acquire these aircraft for GOL, the leading low-cost airline in Brazil. CIT’s deep industry knowledge and expertise helped to close this transaction in a timely manner. We look forward to working with CIT again in the future.”

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