October 6, 2008
CIT Arranges Acquisition Financing for ABC Funding, Inc.
CIT Group Inc. (NYSE: CIT), a leading global commercial finance company, today announced that it arranged a senior secured credit line for ABC Funding, Inc. (ABC) (OTCBB: AFDG) to complete its $42 million acquisition of Voyager Gas Corporation, a Texas-based energy company.
Financing for the deal was arranged by CIT Energy, a unit of CIT, which served as administrative agent.
"Middle market energy companies are actively making deals and demonstrating their expertise at finding and developing proved reserves in the United States," said Peter Gaw, President of CIT Energy. "We are proud of the financial solution we provided and look forward to continuing a relationship with ABC."
Robert P. Munn, Chief Executive Officer of ABC, said, "This acquisition was vital to our continued growth, and makes ABC, which we are renaming to Cross Canyon Energy Corp., a substantial independent oil and gas player in South Texas. Our team from CIT Energy understood our needs and the value this acquisition would provide over the long-term. The counsel and financing we received from CIT Energy played a key role in seeing this deal through to completion."
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About ABC Funding, Inc.
ABC Funding, Inc. focuses on the acquisition, exploitation, and development of crude oil and natural gas properties. It has ownership interests in oil and natural gas lease blocks in the Orcones Field covering approximately 14,300 net acres located in Duval County, Texas. The company was founded in 2004 and is headquartered in Houston, Texas.
About CIT Energy
CIT Energy is a leading provider of value added financing and advisory products and services to high growth, entrepreneurial companies throughout the energy sector. It covers the full value chain including: Exploration & Production, Oilfield Services, Midstream, Power, Energy Technologies and Metal & Mining. By combining extensive industry experience, structuring expertise and underwriting capacity, CIT Energy provides comprehensive solutions to our clients most critical strategic and funding needs.
CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $70 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business Administration lending, equipment leasing, vendor financing and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. Founded in 1908, CIT is celebrating its Centennial throughout 2008. www.cit.com