CIT Bank Provides Financing to Piggly Wiggly Holdings LLC

CIT Bank, a Utah state bank and wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT) a leading provider of financing to small businesses and middle market companies, today announced that it has provided a $30 million senior secured revolving credit facility to Piggly Wiggly Holdings LLC, a regional supermarket chain based in Charleston, South Carolina. CIT Commercial & Industrial served as Lead Arranger and Administrative and Collateral Agent for the financing. Terms of the transaction were not disclosed.

“We are pleased to provide this financing to Piggly Wiggly Holdings LLC, which employs more than 4,000 individuals among its 75 stores located throughout South Carolina and Georgia,” said Bill Kearney, Senior Vice President, CIT Commercial & Industrial, Retail Finance. “This transaction further underscores our commitment to provide competitive financing to our clients and our support of middle market companies.”

Bill Edenfield, Executive Vice President and Chief Financial Officer of Piggly Wiggly Holdings LLC, said, “CIT’s expertise in understanding our business and financing needs will allow us to pay off existing senior secured revolving debt and provide for ongoing working capital.”

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About Piggly Wiggly Holdings LLC

A chain of grocery stores founded in 1947 in Charleston, South Carolina, Piggly Wiggly Holdings LLC has grown to be the largest employee – owned retail company in the state. The Company owns or services more than 100 stores and over 4,000 employee owners throughout South Carolina and southeastern Georgia. www.thepig.net

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $40 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. www.cit.com