CIT Group has broaden its transportation lending scope by provding a senior secured uni-tranche credit facility for AGC Composites & Aerostructures, a division of USA-based AGC Aerospace & Defense, for the acquisition of Paul Fabrications in the United Kingdom.
CIT Aerospace & Defense Finance served as sole lead arranger and administrative agent for the transaction. The deal was structured and facilitated by CIT Capital Securities, and the financing was provided by CIT Bank, the US commercial bank subsidiary of CIT.
Terms of the transaction were not disclosed.
AGC designs and manufactures composite and complex metallic structures in commercial and military aerospace markets, while Paul Fabrications designs and manufactures high precision, fabricated and machined metal parts and assemblies for both the aerospace and nuclear power refuelling industries.