CIT provides financing to GCT to purchase cargo handling equipment

CIT Group Inc. (CIT), a leading provider of commercial lending and leasing services yesterday announced that CIT Capital Equipment Finance provided a $23.5 million credit facility to GCT Global Container Terminals Inc. (GCT) to purchase two new Liebherr P203L (WS) post-Panamax ship-to-shore gantry cranes that will be used at its semi-automated container terminal in Bayonne, New Jersey. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT, the Group said in a press release.

Located in the largest port on the North American East Coast, GCT provides container handling services for its customers in one of the most concentrated consumer markets in the world. The company operates two key container terminal facilities in the Port of New York and New Jersey: GCT Bayonne in Bayonne, New Jersey and GCT New York in Staten Island, New York.

This represents the second transaction between CIT and GCT. In 2014, CIT provided financing that supported the acquisition of 17 new Terex shuttle trucks now in operation at the newly expanded GCT Bayonne facility.

About GCT Global Container Terminals Inc.
Headquartered in Vancouver, British Columbia, GCT Global Container Terminals Inc. operates four container terminals through three principal businesses in North America: GCT Canada Limited Partnership in Vancouver and Delta in British Columbia; GCT New York LP on Staten Island, New York; and GCT Bayonne LP in Bayonne, New Jersey.

About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:CIT). It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of December 31, 2014, it had approximately $16 billion of deposits and more than $21 billion of assets.

About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals.