CIT Group Inc. announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $17.4 million credit facility for Hynes Industries, a provider of custom metal solutions.
Based in Youngstown, Ohio, Hynes Industries manufactures highly engineered custom metal products, including strip steel, rolled form shapes, flat wire and slotted angle systems, for customers across a broad range of industries. Proceeds from the financing will be used to support ongoing operations and finance growth initiatives.
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“As the U.S. economy continues to rebound from the pandemic, we are seeing increased demand for our custom metal products by original equipment manufacturers and other customers,” said Rick Organ, chief executive officer of Hynes Industries. “We appreciated the expertise of the CIT Northbridge team in arranging the financing to support our operations and empower us to serve our customers.”
“Hynes Industries has a longstanding reputation for high-quality products, cost-effective solutions and outstanding customer service,” said Neal Legan, who leads CIT Northbridge. “We worked closely with the company’s leadership to understand their needs and develop a financing package that advances their business strategy.”
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CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.
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