TORONTO, Aug. 28 /CNW/ - CIT Group Inc. (NYSE: CIT), a leading global commercial finance company today announced it has served as financial advisor and on July 29th, achieved financial close for the Northwest Anthony Henday Drive Ring Road Project in Edmonton, Alberta, Canada (the "Project"). CIT Canada, through its Energy & Infrastructure unit, served as the exclusive financial advisor to Bilfinger Berger Project Investments Inc. ("Bilfinger Berger") on behalf of NORTHWESTCONNECT.

NORTWESTCONNECT, a consortium led by Bilfinger Berger, is comprised of Flatiron Constructors Canada Limited, Parsons Overseas Company of Canada Ltd., Graham Infrastructure, and Carmacks Maintenance Services Ltd.

The Project, awarded under Alberta's public-private-partnership ("P3") procurement model, involves the design, construction, finance and operation of a new highway consisting of approximately 21 kilometers of four-to-six lane divided freeway, including eight interchanges, five flyovers and two rail crossings. The Project is valued at approximately C$1.42 billion (NPV) and has a concession period of approximately 33 years.

"CIT is uniquely positioned to provide independent advisory services in support of large and complex financing structures like the Northwest Anthony Henday Drive deal. Our market knowledge and significant direct experience with principal investing, arranging and advising is ideally suited to raising capital in turbulent market conditions such as these." said Peter Hepburn, Managing Director of CIT Energy & Infrastructure. "We are proud to be once again assisting Bilfinger Berger in successfully bidding for and achieving financial close on this important infrastructure project for the Province of Alberta."

The Energy & Infrastructure group has established a solid track record in supporting Bilfinger Berger on P3 projects in Canada having successfully provided financial advisory and arranging services on two other major transportation projects in Canada, Kicking Horse Canyon Highway in British Columbia (2005) and the Northeast Stoney Trail in Alberta (2007).

"We are pleased to have CIT working with us in delivering this key component of road infrastructure," said John McArthur, President of Bilfinger Berger Projects Investments Inc.

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About CIT Canada

CIT Canada, a leading commercial finance company, provides clients with financing, leasing products and advisory services. CIT Canada offers industry-leading solutions through its key business units: Corporate Finance, Equipment Finance, Vendor Finance, Energy and Infrastructure Finance, and Healthcare Finance. CIT Canada is a unit of CIT (NYSE: CIT), a member of the S&P 500 and Fortune 500. CIT is a global commercial finance company with more than one million customers in over 50 countries and across 30 industries. CIT has more than $70 billion in managed assets, and provides financial solutions for more than half of the Fortune 1000. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers relationship, intellectual and financial capital to yield infinite possibilities. Founded in 1908, CIT is celebrating its Centennial throughout 2008.

www.cit.ca

About Bilfinger Berger Project Investments Inc.

Actively operating across three continents, Bilfinger Berger Project Investments is the Public Private Partnership (PPP) investment division of the Bilfinger Berger Group, a global multi-service business with more than 125 years of experience in the successful delivery of essential infrastructure and services worldwide. Bilfinger Berger Project Investments has committed more than CAN$512m of equity to PPP projects worldwide, manages more than CAN$10.8bn of assets and has over 120 staff based in 9 offices around the world. Over the last ten years, Bilfinger Berger Project Investments has successfully developed - and is now actively providing - operational services to a portfolio of more than twenty concessions in both social and transport infrastructure.

www.pi.bilfinger.com/