CIT Group Inc. (NYSE: CIT) today announced that it served together with NORD/LB as co-lead arrangers and joint documentation agents on a $91 million term loan financing on behalf of Mesa Airlines, the fifth largest independent regional air carrier in the U.S.
The financing, arranged by CIT's Aerospace, Defense & Government Finance business and NORD/LB, was used to underwrite the purchase of aircraft engines for Mesa's fleet of aircraft. Mesa services routes for national air passenger carriers and has about 3,400 employees, including about 1,200 pilots and 900 flight attendants.
"We appreciated the experience and agility of the co-lead arrangers in assembling this financing as Mesa continues to pursue higher operational capabilities and growth opportunities," said Mesa Airlines President and Chief Financial Officer Mike Lotz.
"We were pleased to leverage our deep capital markets expertise to develop a creative solution for this financing transaction that meets Mesa's business objectives," said John Heskin, managing director and group head for CIT's Aerospace, Defense & Government Finance group.
"CIT and NORD/LB are excited to expand their relationship with Mesa and continue to support them through their growth and evolution," said Claudia Ziemer, NORD/LB's relationship manager, Aircraft Finance Team Americas.
CIT's Aerospace, Defense & Government group, part of the company's Commercial Finance division, offers asset backed loans for commercial aircraft, aircraft engines and aircraft parts as well as cash flow loans to manufacturers, service providers and private equity sponsors in the sector.
NORD/LB's Aircraft Finance Division offers a broad variety of commercial aircraft loans to airlines and lessors worldwide.