Cahill Represents Bank of America Merrill Lynch in $7.5 Billion Senior Secured Term Loan Facility for CIT Group
Cahill represented Bank of America Merrill Lynch as Arranger in connection with CIT Group Inc.'s $4.5 billion expansion of its $3 billion senior secured credit facility. Bank of America Merrill Lynch is the Administrative Agent and Collateral Agent for the full $7.5 billion facility. The proceeds of the new $4.5 billion tranche will be used to refinance a portion of the company's existing secured indebtedness, to provide working capital during its restructuring and for general corporate purposes. The new $4.5 billion tranche matures in January 2012.