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CIT Northbridge Credit Provides $27.78MM Credit Facility to Applied Optoelectronics

December 06, 2022, 07:03 AM
Filed Under: Industry News

CIT, a division of First Citizens Bank, announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as agent on a $27.78 million credit facility for Applied Optoelectronics, Inc.

Founded in 1997 and headquartered in Sugar Land, TX, Applied Optoelectronics, Inc. (AOI) is a leading provider of fiber-optic access network products for the internet data center, cable broadband, fiber-to-the-home and telecommunications markets.

"The end-markets we serve are driven by bandwidth demand fueled by the growth of network-connected devices, video traffic, cloud computing and online social networking," said Stefan Murry, AOI's Chief Financial Officer. "The financing provided by CIT Northbridge Credit supports our continued focus on meeting the increased bandwidth demand through fiber-optic networking technology, which we believe has become essential in all of our key markets."

"AOI has a long history of relationships with reputable, credit-worthy customers across the end-markets it serves," said Neal Legan, who leads CIT Northbridge Credit. "We are pleased to have worked closely with AOI to provide a financing package that supports their business strategy and future customer expansion."

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