CIT serves as sole financial advisor, arranger and administrative agent for C$408 million Sault Area Hospital Project



    TORONTO, Aug. 16 /CNW/ - CIT Group Inc. (NYSE:   CIT), a leading global
provider of commercial finance solutions, announced today that CIT Canada,
through its Energy & Infrastructure group, served as sole financial senior
debt advisor, arranger, co-underwriter and administrative agent in connection
with the Sault Area Hospital project in Sault Ste. Marie, Ontario. The
C$408 million transaction was entered into by the Hospital Infrastructure
Partners Inc., EllisDon Corporation, Carillion Canada Inc. and the Labourers'
Pension Fund of Central & Eastern Canada under a 33-year Project Agreement.
    The transaction involves the construction of a new 289-bed hospital
facility offering a full range of services, including acute, general
rehabilitation, mental health, complex continuing care services and cancer
radiation therapy. The construction is scheduled for completion by the end of
2010.
    "CIT is uniquely positioned to lead this transaction and we're proud to
be involved in projects that enhance Ontario's health care system such as the
Sault Area Hospital Project," said Peter Hepburn, Managing Director of CIT
Energy & Infrastructure. "This transaction reflects our commitment to
investing in financing projects that further improve Canadian infrastructure
and our communities."
    Individuals interested in receiving future updates on CIT via e-mail can
register at http://newsalerts.cit.com.

    About CIT Canada

    CIT Canada, a leading commercial and consumer 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,
Healthcare Finance, and Real Estate. CIT Canada is a unit of Fortune 500
parent, CIT Group Inc. (NYSE:   CIT). Founded in 1908, CIT is a global financial
services company with approximately $80 billion in managed assets and 7,300
employees worldwide. www.cit.ca.





For further information:

For further information: MEDIA CONTACTS: Mike Ferreira, CIT Canada,
Director of Marketing, (416) 507-5112, Mike.Ferreira@cit.com; C. Curtis
Ritter, Director of External Communications & Media Relations, (212) 461-7711,
Curt.Ritter@cit.com

Organization Profile

CIT CANADA

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890