Crystal Financial & CIT Provide Financing to Piggly Wiggly Holdings

BOSTON March 1, 2011 – Crystal Financial LLC today announced that it has provided a term loan to Piggly Wiggly Holdings LLC, a regional supermarket chain based in Charleston, South Carolina, that was arranged by  CIT Group Inc. (NYSE:CIT), a leading provider of financing to small businesses and middle market companies.

 

“Piggly Wiggly is a very strong brand, with one of the most recognized names in the grocer market in South Carolina and Georgia, and has sound fundamentals” said Andrew Hettinger, Managing Director of Crystal Financial.  “We are pleased to provide funding to refinance term debt, as well as provide some incremental liquidity under the CIT-led revolver for on-going working capital purposes.”

 

Bill Kearney, Senior Vice President, CIT Commercial & Industrial, Retail Finance, added, “We are pleased to arrange this additional credit facility for Piggly Wiggly Holdings, LLC and to partner with Crystal Financial.  This transaction reflects our continuing commitment to meeting the on-going needs of our middle market clients.”

 

Bill Edenfield, Executive Vice President and Chief Financial Officer of Piggly Wiggly Holdings LLC, said, “We are pleased to enter into these new credit facilities provided by CIT and Crystal Financial. The Crystal team was highly responsive and took the time to understand our business plans for the future.  This new credit facility provides additional borrowing capacity to help us strategically grow our business as we take advantage of opportunities to earn the maximum return on our assets.”

 

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured term loans up to $150 million per transaction.  Crystal Financial’s seasoned team of debt-structuring experts has made over $20 billion in loans to companies across a wide array of industries. https://www.crystalfinco.com/

 

About CIT
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets.  It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries.  CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. http://www.cit.com

 

About Piggly Wiggly Holdings LLC
A chain of grocery stores founded in 1947 in Charleston, South Carolina, Piggly Wiggly Holdings LLC has grown to be the largest employee-owned retail company in the state. The Company owns or services more than 100 stores and has over 4,000 employee owners throughout South Carolina and southeastern Georgia.  http://www.thepig.net/