CIT Group Finances Isle of Capri Projects
5 October 2006
NEW YORK, New York – (PRESS RELEASE) -- CIT Group Inc. (NYSE: CIT), a leading global provider of commercial and consumer finance solutions, today announced that it provided Legends Gaming, LLC financing to complete its acquisition of two Isle of Capri hotel and casino properties in Bossier City, Louisiana and Vicksburg, Mississippi. The purchase of the properties and their conversion to DiamondJacks Casinos represents Legends' first acquisition.
CIT Communications, Media and Entertainment's Gaming unit served as the administrative agent and a Lender on the $222 million senior secured credit facility transaction and CIT Capital Securities LLC, another unit of CIT, acted as sole lead arranger and financial advisor for Legends.
"We have spent the past two years building and augmenting our underwriting and syndication capabilities," said Jim Hudak, Senior Managing Director of CIT Communications, Media and Entertainment. "This deal exemplifies our group's enhanced ability to provide these services and a complete financing package in the specific industries we cover. A testament to our experienced team, we stepped up and worked quickly to pull this complex transaction together, resulting in a success story for both Legends and CIT."
William J. McEnery, Chairman of Legends Gaming, LLC said, "We are extremely pleased to have worked with CIT, whose expertise in structuring and financing this transaction enabled us to re-enter the gaming sector. We look forward to working with their talented group of professionals in the future as we continue to explore other growth opportunities for our Company. I also want to thank Isle of Capri's management team for providing Legends this opportunity and for their assistance and support throughout the entire acquisition and closing process."
Steve Reedy, Senior Director of CIT Communications, Media and Entertainment - Gaming, said, "Our close working relationship with Legends and our contacts within the industry were key to the successful execution of this transaction. We helped Legends' management team identify the target properties, provided them advisory services, and fully underwrote the debt facility to consummate their acquisition. We were pleased to have served as the administrative agent, sole lead arranger and financial advisor in this transaction and look forward to continuing this relationship."