CIT Bank, the U.S. commercial bank subsidiary of CIT Group announced that it closed a $750 million equipment lease securitization.

CIT sold five classes of fixed rate notes in a private offering backed by a pool of equipment leases from CIT Equipment Finance. The weighted average fixed coupon is 1.37%, which represents a weighted average credit spread of 0.57% over benchmark rates for the five classes of notes. The securitization had a net advance rate of 92.4%.

Proceeds from the transaction will be used for general corporate purposes. CIT has now completed 20 term equipment securitizations since 2000, 16 of which were backed exclusively by its U.S. equipment finance collateral. This transaction represents the second equipment securitization issued by CIT Bank.

Barclays, Credit Suisse, and BofA Merrill Lynch served as joint bookrunners on the transaction. Deutsche Bank Securities and J. P. Morgan served as co-managers on the transaction.