Direct Capital Completes $160M Term Debt Securitization

PORTSMOUTH, N.H. (February 11, 2013) - Direct Capital, a division of CIT Bank, N.A., a leading provider of equipment leasing, business loans, and working capital, announced today that it has completed a $163 million term securitization of equipment lease backed notes. This financing will be used to support the company's rapid new business growth and to reduce the amount of borrowings outstanding under the company's various credit facilities.

The transaction was a private offering made to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The company issued five classes of notes, which were rated 'AA' to 'BB' by Standard and Poor's. DBRS rated the senior notes 'AAA'. Direct Capital Funding IV, LLC, a special-purpose entity wholly owned by Direct Capital, served as issuer. Guggenheim Securities acted as the initial purchaser of the notes.

"This transaction strengthens our balance sheet and our ability to deploy capital to the critically underserved small business population," said Direct Capital's Chief Financial Officer Dawn Gillette. "It's a true confirmation of Direct Capital's track record as a leading business lender."

Mrs. Gillette and Direct Capital thanked their partner, Guggenheim Securities, for their contributions to this successful transaction.


About Direct Capital

Established in 1993, Direct Capital provides financing for small- to mid-ticket equipment, franchise remodels and technology purchases, working capital, and business loans. The company is headquartered in Portsmouth, N.H. and operates offices in New York, California, and Georgia. You can follow Direct Capital on Twitter at http://twitter.com/DirectCapital or subscribe to its PointBlank blog at http://blog.directcapital.com/..