CIT Group Inc. (NYSE: CIT), a provider of financing and advisory services to small businesses and middle market companies, arranged a $60 million senior secured credit facility for Independence Contract Drilling (ICD), a vertically integrated premium land drilling services provider, to build a fleet of fast moving land-based oil and gas programmable AC drilling rigs. CIT Corporate Finance served as Sole Lead Arranger and Sole Lead Administrative Agent in the transaction. Financing was provided by CIT Bank, the US commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“With a greater focus on drilling efficiently and safely, we believe these state-of-the-art, fast moving programmable AC rigs are well designed to meet today’s drilling goals in virtually all North America plays,” said Mike Lorusso, Group Head of CIT Energy.