CIT Group announced that CIT Maritime Finance provided a senior secured credit facility to Tanker Solutions, a joint venture between funds managed by TPG Credit Management and Prime Tanker Management. The financing supports the purchase of the M/T Pike (formerly the M/T Starling), a 73,700 DWT LR1 product tanker built in 2008. The vessel represents the first asset acquisition by Tanker Solutions and will be operated by Prime Tanker Management.

Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. The transaction has a five-year term; additional terms were not disclosed.

“We are pleased to have had the opportunity to support the first vessel acquisition by Tanker Solutions,” said Svein Engh, Managing Director and Group Head of CIT Maritime Finance. “With this transaction, we continue to build relationships with industry-leading operators and investment firms, further expanding our footprint in the marketplace. We look forward to supporting Tanker Solutions as it grows its portfolio.”

Luke Beltnick, Managing Director of TPG Credit Management, said, “CIT Maritime Finance demonstrated a deep understanding of our business in executing this transaction. As the first vessel acquisition under the Tanker Solutions joint venture, CIT was able to execute this transaction in a timely manner while providing a financing structure that aligns well with our strategy. We look forward to building on this relationship.”