CIT, a division of First Citizens Bank, has provided financing for seven leased helicopters managed by Thora Capital, an alternative asset manager dedicated to aviation finance based in Chicago.
The helicopters, used for emergency medical transport services, are on long term lease to Amarillo, Texas-headquartered Apollo MedFlight, which provides emergency transport services on behalf of regional and community hospitals in six midwestern and southern states.
"The helicopters play a critical role in quickly and effectively transporting sick and injured patients to medical facilities with specific capabilities to treat their conditions," says Thora Capital managing director Russell Christopher. "We were pleased to leverage CIT's industry knowledge and expertise in this specialised sector to finance these assets."
"Thora Capital is well known throughout the industry as an experienced investor in helicopters and other specialised transportation assets," adds John Heskin, managing director and group head for CIT's aerospace, defense and government business. "We worked closely with it to understand its objectives and develop the right financing package to meet its needs."
CIT's aerospace, defense and government services group provides integrated financial solutions for manufacturers, suppliers and service providers in the aerospace, defence, homeland security and government services markets.