CIT Provides Line of Credit to CHF Industries

2008-05-07 15:25:08 -

www.cit.com - CIT Group Inc. (NYSE: CIT), a leading global commercial finance company, today announced that it has provided a $50 million revolving line of credit to CHF Industries, a leading manufacturer of fashion bedding and accessories, decorative bathroom items, and window coverings.

Financing for the deal was agented by CIT Commercial Services, a unit of CIT and a

leading provider of factoring, credit protection, accounts receivable management and lending services for consumer products companies.

"CIT Commercial Services has provided CHF Industries with financing over the course of a nine year working relationship," said John F. Daly, President of CIT Commercial Services. "This line of credit demonstrates our ongoing commitment to supporting the consumer products industry and our ability to provide the financing that our clients need, even in this challenging credit environment."

"We are very pleased with the business relationship we have with CIT. They have provided us with financing solutions which have allowed CHF Industries to significantly grow our business," said Frank Foley, President, CHF Industries. "Through their understanding of our business and their experience with the retail supply chain, CIT has been able to make sure our financing needs are consistently met."

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About CIT Commercial Services

CIT Commercial Services is a unit of CIT Group Inc. and is one of the United States' leading providers of factoring, accounts receivable management, credit protection, and lending services. CIT Commercial Services specializes in serving the apparel, footwear, furniture, home furnishings, consumer electronics and other consumer products industries that sell into retail channels of distribution. CIT Commercial Services is headquartered in New York City and has offices in Atlanta, Charlotte, Dallas, Los Angeles, Danville, VA, Frankfurt, Germany, Hong Kong, Shanghai and Taiwan.

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 $80 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

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