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CIT Northbridge Arranges $24MM Credit Facility for Pocono ProFoods

February 14, 2019, 07:05 AM

CIT Group Inc. announced CIT Northbridge Credit, through its investment advisor CIT Asset Management LLC, served as sole lead arranger on a $24 million senior secured credit facility for Pocono ProFoods, a foodservice distributor in the Northeast and Middle Atlantic regions.

Pocono ProFoods, based in Stroudsburg, PA, is a family-owned distributor supplying food and equipment to independent and multi-location restaurants and large-scale organizations in a 14-state region stretching from Maine to Virginia and Ohio.

“We are proud to leverage our expertise and agility to support this extraordinary family business with the financing and incremental liquidity it needs to service its customers, as it has for decades,” said Neal Legan, who leads CIT Northbridge.

“The flexibility in structuring and the efficient closing demonstrated by the CIT Northbridge team were instrumental in creating a financing arrangement that meets our current needs and provides for further growth,” said Terrence B. Snyder, President of Pocono ProFoods.

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