CIT Provides $20 Million Financing to CTI Towers

NEW YORK, July 13, 2017

"We've been watching CTI Tower's performance since inception and are confident about their continued growth potential," said Roger Fong, managing director, CIT Communications & Technology Finance.  "With our experience in serving leading companies in the wireless infrastructure sector, we look forward to supporting this extraordinary team."

CTI Towers Chief Executive Officer Tony Peduto said, "We are extremely pleased with the terms of the debt arrangement, and this now positions us well for future growth as the wireless industry continues to grow. 5G, new spectrum deployments and the continued use of wireless devices for data and video will continue to burden the existing carrier networks. As the carriers look to add capacity everywhere, and bring better coverage to rural areas, towers will facilitate those deployments for the best coverage at the lowest cost.

"CIT has numerous investments in the wireless infrastructure space, and we are pleased to partner with such an experienced group," Peduto added. 

About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with $63 billion in assets as of March 31, 2017. Its principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender), has more than $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.

For more information, visit cit.com. View our corporate video and follow us on Twitter, LinkedIn, YouTube and Facebook. Register to receive press releases at cit.mediaroom.com/email-alerts.