CIT Group Inc. announced its Maritime Finance business, part of its Commercial Finance division, served as sole lead arranger on $28 million refinancing for Valloeby Shipping Ltd.

Valloeby, which is owned by a fund managed by a U.S. private equity fund sponsor, is a returning customer for CIT, which underwrote a senior secured financing for Valloeby in May 2015. This latest transaction replaces the earlier financing and is secured by the same eight carriers as in the prior agreement.

"Valloeby is well recognized for their operational skills in this important transport sector," said Evan Cohen, Managing Director and Group Head for CIT's Maritime Finance business. "It was our pleasure to work with them again to arrange financing that supports their business objectives."

Maritime Finance offers customized solutions for secured loans to a global client base of vessel owners and operators.