Alternative Financier, White Oak Global Advisors, Turns to CIT for Own Unique Needs

White Oak Global Advisors, an alternative financier and creditor in its own right has turned to CIT Group Inc. in order to organize a $422 million secured loan for its aviation division, the companies announced last week.

White Oak Commercial Aviation, LP, will use the funds to purchase 20 on-lease wide body aircraft engines from GE Capital Aviation Services. Terms of the transaction were not disclosed.

“CIT’s ADG and Capital Markets teams were razor-focused on delivering a financing structure that would work for us while also meeting lender requirements,” said Andre Hakkak, CEO and co-founder of White Oak via release. “This transaction provides us a foundation to strengthen and grow our focus on providing financing solutions for aviation companies.”

John Heskin, managing director and group head for CIT’s Aerospace, Defense & Government Finance (ADG) team led the transaction with senior investment professionals from White Oak.

“We are pleased we could leverage our deep capital markets expertise to provide a creative solution for this senior secured loan syndication,” said Heskin. “Our understanding of the aerospace industry encompasses whole aircraft as well as parts and engines. This enables us to support the entire aerospace ecosystem from lessors and investors to distributors and manufacturers.”

White Oak currently has over $7 billion of capital invested in over 500 companies. The company provides small and medium size enterprises with term loans, asset-based lending, invoice factoring, trade finance, equipment financing and treasury management. It was launched in 2007.