CIT Group Inc. a leading provider of financing to small businesses and middle market companies, today announced that it has provided a $40 million senior secured asset based revolving credit facility to J. Jill, a vertically integrated multi-channel specialty retailer of women’s apparel. The financing was provided by CIT Bank, a wholly-owned subsidiary of CIT, to facilitate the acquisition of a majority stake in J. Jill by an affiliate of Arcapita Bank BSC, an international investment firm, from Golden Gate Capital, a private equity firm. Terms of the transaction were not disclosed.
Is this a positive or negative sign regarding the performance of J.Jill?
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