CIT establishes syndicated loan group, headed by Peter Connolly

By Sara Rosenberg

New York, April 6 - CIT Group Inc. has set up a new Connecticut-based syndicated loan group that will be headed by executive vice president Peter Connolly, who in addition to managing the business, will drive CIT's growth in the senior secured distressed debt market, according to a news release.

Connolly previously led GE Corporate Financial Services' distressed debt P&L. In this new position with CIT, he will be reporting to Rick Wolfert, vice chairman, commercial finance.

Roger Burns has been appointed executive vice president in the group and he will direct the growth and centralization of CIT's par participations in senior secured loans.

Burns previously was at GE Capital, where he was responsible for the par business.

The loan group will also include managing directors Thomas McNicholas, Terence Sullivan, Vincent DeVito, Andrew Giangrave and Patrick Flynn, who will be responsible for originating, underwriting and portfolio management.

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