CIT Group Inc. (NYSE: CIT), a leading
global commercial finance company, today announced that it served as
lead arranger in a $45 million senior secured credit facility to Pocket
Communications, a provider of prepaid, flat rate unlimited wireless
and voice data services.
Financing for the deal was agented by CIT
Communications Media & Entertainment, a unit of CIT.
“CIT is pleased to support Pocket’s
growth initiatives with this credit facility, which was completed in a
challenging financial market environment,”
said Tom Westdyk, Managing
Director, CIT Communications, Media & Entertainment. “This
success was due primarily to Pocket’s
exceptional operating performance during this time. We remain committed
to financing strong business models, such as Pocket’s,
within the wireless communications industry.”
Paul Posner, President and Chief Executive Officer of Pocket
Communications said, “This was our first
senior secured facility so we were very selective in our choice of
lenders. We looked at the track record of CIT in the communications
space and were confident that they could provide us with the financing
we needed to continue our success.”
Individuals interested in receiving future updates on CIT via e-mail can
register at http://newsalerts.cit.com.
About Pocket Communications
Pocket provides prepaid, flat rate, unlimited use wireless voice and
data services to more than a quarter of a million subscribers, allowing
customers to place and receive unlimited wireless calls within Pocket’s
service area for a flat monthly fee without the burden of the one or two
year contract required by traditional wireless companies. Headquartered
in San Antonio, TX, Pocket operates in the San Antonio, Laredo, and
Brownsville-McAllen markets in South Texas which have a combined
population of approximately 3.6 million. www.pocket.com
About CIT
CIT (NYSE: CIT) is a global commercial finance company that provides
financial products and advisory services to more than one million
customers in over 50 countries across 30 industries. A leader in middle
market financing, CIT has more than $70 billion in managed assets and
provides financial solutions for more than half of the Fortune 1000. A
member of the S&P 500 and Fortune 500, it maintains leading positions in
asset-based, cash flow and Small Business Administration lending,
equipment leasing, vendor financing and factoring. The CIT brand
platform, Capital Redefined, articulates its value proposition of
providing its customers with the relationship, intellectual and
financial capital to yield infinite possibilities. Founded in 1908, CIT
is celebrating its Centennial throughout 2008. www.cit.com
CIT MEDIA RELATIONS
C.
Curtis Ritter, 212-461-7711
Director of External Communications &
Media Relations
curt.ritter@cit.com
or
Dan
Infanti, 212-461-5663
Vice President, Director of Brand Marketing
dan.infanti@cit.com
or
CIT
INVESTOR RELATIONS
Ken Brause, 212-771-9650
Executive
Vice President
ken.brause@cit.com
or
POCKET
COMMUNICATIONS
John Goocher, 704-998-2343
