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TORONTO, Oct. 30 /CNW/ - CIT Group Inc. (NYSE: CIT), a leading global
commercial finance company, today announced it has served as financial advisor
and senior debt arranger for the construction and operation of the new
Woodstock General Hospital facility (the "Project"). CIT Canada, through its
Energy & Infrastructure unit, served as the exclusive financial advisor and
arranger to INTEGRATED TEAM SOLUTIONS (ITS).
ITS represents a joint venture led by EllisDon Inc. in partnership with
Fengate Capital Management Ltd, on behalf of the LPF Infrastructure Fund.
Construction services will be provided by EllisDon, with facilities management
services provided by Honeywell Building Solutions. CIT arranged the financing
of the project, and participated along with Sun Life Assurance Company of
Canada, The Great-West Life Assurance Company, and Industrial Alliance
Insurance and Financial Services Inc.
The Project, awarded under Infrastructure Ontario's Alternative Financing
and Procurement ("AFP") model, involves the building, financing and
maintenance of a new facility that will replace the existing Woodstock General
Hospital. This new facility will provide acute in-patient, ambulatory,
rehabilitation and complex continuing care programs and services. It will
provide patients and staff with a high quality healing environment and the
latest technology in patient care and communications. At three-storeys high
and 350,000 square feet, with capacity of up to 178 beds, the new hospital
will more than double the size of the current facility.
"CIT is pleased to support the ITS Team in delivering essential
healthcare infrastructure such as the Woodstock General Hospital. The
successful closing of the related project financing amid unprecedented credit
market turbulence is a reflection of our investors' strategic outlook and
long-term confidence in this asset class." said Peter Hepburn, Managing
Director of CIT Energy & Infrastructure.
The Energy & Infrastructure group has established a solid track record in
supporting Public Private Partnerships in Canada, having successfully provided
financial advisory and arranging services on several Canadian infrastructure
projects. Notable projects closed in 2008 include the Northwest Anthony Henday
Drive in Edmonton, Alberta and the Alberta Schools Alternative Procurement for
the construction of 18 schools in Calgary and Edmonton .
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About CIT Canada
CIT Canada, a leading commercial finance company, provides clients with
financing, leasing products and advisory services. CIT Canada offers
industry-leading solutions through its key business units: Corporate Finance,
Equipment Finance, Vendor Finance, Energy and Infrastructure Finance, and
Healthcare Finance. CIT Canada is a unit of CIT (NYSE: CIT), a member of the
S&P 500 and Fortune 500. CIT is a global commercial finance company with more
than one million customers in over 50 countries and across 30 industries. CIT
has more than $70 billion in managed assets, and provides financial solutions
for more than half of the Fortune 1000. The CIT brand platform, Capital
Redefined, articulates its value proposition of providing its customers
relationship, intellectual and financial capital to yield infinite
possibilities. Founded in 1908, CIT is celebrating its Centennial throughout
For further information:
For further information: CIT CANADA MEDIA RELATIONS, Mike Ferreira,
Director of Brand Marketing & Communications, (416) 507-5112,