Regional supermarket chain Piggly Wiggly Holdings LLC has received a $30 million senior secured revolving credit facility from CIT Bank, a Utah state bank and wholly owned subsidiary of New York-based CIT Group Inc., a provider of financing to small businesses and middle market companies. CIT Commercial & Industrial was lead arranger and administrative and collateral agent for the financing. Terms of the transaction weren’t revealed.
According to Bill Kearney, SVP for CIT Commercial & Industrial, Retail Finance, “This transaction further underscores our commitment to provide competitive financing to our clients and our support of middle-market companies.”
Added Bill Edenfield, EVP and CFO of Charleston, N.C.-based Piggly Wiggly Holdings, “CIT’s expertise in understanding our business and financing needs will allow us to pay off existing senior secured revolving debt and provide for ongoing working capital.”
Piggly Wiggly owns or services more than 100 stores and over 4,000 employee owners throughout South Carolina and southeastern Georgia.