CIT funds regional air service operator

CIT Group has announced that its CIT Aeropace, Defense and Government Finance service line has provided a $35 million senior secured credit facility to Mesa Airlines, a provider of regional air service for American Airlines and United Airlines.

Mesa Airlines is the fourth-largest independent regional carrier in the US. The financing will support the refinancing of existing debt as well as providing working capital.

Michael Lotz, president and chief financial officer, Mesa Airlines, said: “We are an airline that is growing rapidly, having added multiple aircraft to our fleet over the last few years. We knew we would appreciate CIT’s experience and comfort with lending to the commercial aerospace sector given their track record and heritage in the sector. We are further pleased that CIT was able to offer us treasury management services, which will help us maximize our liquidity and effectively utilize our deposits.”