CIT acts as sole lender for USD 35m in financing for Icelandair

CIT Group Inc. (NYSE: CIT) has announced that its aviation lending business served as sole lender and facility agent on a USD 35 million secured financing for Iceland´s national carrier Icelandair Group (NASDAQ: ICEAIR), the company said.

Aviation Lending, part of CIT´s Commercial Finance division, offers senior secured loans focused on fixed-wing commercial aircraft, including narrow body, widebody and regional jets. The business structures short- and long-term financing solutions to meet the needs of aviation clients.

Icelandair Group operates in the international aviation and tourism sectors. With Iceland as a hub, Icelandair´s route network centres around the unique location of the country midway between North America and Europe, connecting a number of destinations to and from Iceland as well as across the Atlantic.

CIT is a national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. is a financial holding company with over a century of experience, approximately USD 50 billion in assets and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company´s commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT´s consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank, a division of CIT Bank, N.A.