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CIT Rail Resources lands its largest rail-car lease deal

CIT Rail Resources recently completed its single largest rail-car transaction by securing long-term lease agreements with Equistar Chemicals L.P. for 1,371 plastic-pellet covered hoppers.

Valued at more than $70 million, the deal is structured to provide the chemical shipper "a great deal of financial and operational flexibility," according to a prepared statement.

In 1999, the cars were built to the specifications of Equistar, a joint venture between Lyondell Chemical Co. and Millennium Chemicals Inc.

"This transaction was a great opportunity for us to expand our technologically advanced fleet with state-of-the-art plastics cars," said CIT Rail Resources President Steve McClure, adding that Lyondell Chemical has been a customer of the leasing and financing company since 2000.

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More News from 7/28/2003