CIT Group arranged for a senior secured credit facility for Odyssey Investment partners. The loan was for the support of the latter's purchase of Cross Country Pipeline Supply Co. (CCP). No financial terms were disclosed but CIT said that its US commercial bank subsidiary, CIT Bank, provided financing. The Sole Lead Arranger for the loan agreement was CIT Corporate Finance.

Managing Director and Co-Head of CIT Sponsor Finance revealed that this is their seventh transaction with the private equity firm in the past two years. "Although we've led deals with Odyssey in the past, this transaction represents our first lead asset-based lending deal in the energy sector with the firm. This deal further highlights our ability to provide financing to leading middle market and private equity clients. We are pleased to support Odyssey as they grow this business," he added.

For his part, Chairman of Odyssey Investment Partners Stephen Berger, said that they "will continue to partner with CIT because of their deep industry knowledge, their extensive due diligence and their speed of execution."