CIT Bank Provides Financing to Piggly Wiggly
Holdings LLC
CIT Commercial & Industrial Serves as Lead Arranger and Administrative and Collateral Agent
September 20, 2010 08:33 AM Eastern Daylight Time
NEW YORK & CHARLESTON, S.C.--(EON: Enhanced Online News)--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.”
Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com.
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 th