CIT Group announced that its Commercial Finance unit served as sole lead arranger for a $422 million senior secured loan financing to White Oak Commercial Aviation, LP, an affiliated entity of White Oak Global Advisors, LLC (White Oak) that is wholly owned by its institutional investors. This financing will support White Oak's purchase of 20 on-lease wide body aircraft engines from GE Capital Aviation Services (GECAS). Terms of the transaction were not disclosed.
 
"This transaction is a great example of CIT's long history and understanding of the aerospace industry, in addition to our ability to provide capital solutions for aircraft owners, lessors and other key industry players," said Burt Feinberg, president of CIT's Commercial & Industrial Finance group.

John Heskin, managing director and group head for CIT's Aerospace, Defense & Government Finance (ADG) team led the transaction with senior investment professionals from White Oak.

"We are pleased we could leverage our deep capital markets expertise to provide a creative solution for this senior secured loan syndication," said Heskin. "Our understanding of the aerospace industry encompasses whole aircraft as well as parts and engines. This enables us to support the entire aerospace ecosystem from lessors and investors to distributors and manufacturers."

"CIT's ADG and Capital Markets teams were razor-focused on delivering a financing structure that would work for us while also meeting lender requirements," said Andre Hakkak, Chief Executive Office and Co-Founder of White Oak. "This transaction provides us a foundation to strengthen and grow our focus on providing financing solutions for aviation companies."

CIT's Commercial Finance unit offers asset backed loans for commercial aircraft, aircraft engines and aircraft parts as well as cash flow loans to manufacturers, service providers and private equity participants in the sector.