CIT Group (CIT) to sell aviation loan portfolio to KKR (KKR)
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KKR and AV AirFinance Agree to Purchase CIT Aviation Lending Portfolio
June 11, 2021 7:00 AM EDTNEW YORK, June 11, 2021 /PRNewswire/ --Â CIT Group Inc. (NYSE: CIT) today announced it is selling its aviation loan portfolio to KKR. This is related to a previously announced definitive agreement for a portfolio that has a committed loan balance of nearly $800 million across more than 50 loans for approximately 60 commercial aircraft. The loans have an average yield in the mid-single digits and an average term remaining of approximately four years.
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