RALEIGH,
N.C., Dec. 5, 2023 /PRNewswire/ -- First
Citizens Bank today announced that CIT Northbridge Credit, as
advised by First Citizens Institutional Asset Management LLC,
served as administrative agent on a $75
million revolving credit facility for Stella & Chewy's
LLC.
Headquartered in Oak Creek,
Wisconsin, Stella & Chewy's provides high quality,
premium natural pet food with an emphasis on raw nutrition,
palatability, safety and all natural ingredients. Its dog and cat
products include freeze dried dinner patties and meal mixers,
frozen patties and morsels, baked and extruded kibble, stews,
broths and treats. The financing will be used to support working
capital needs and other corporate purposes.
"Our company continues to experience growing demand from
customers for our premium natural pet food products," said
Dean Nolden, Chief Financial Officer
of Stella & Chewy's. "We appreciated the expertise of the CIT
Northbridge team in arranging this financing as we continue to grow
to support our customers."
"Stella & Chewy's is well positioned for continued growth
and we were pleased to work closely with them to arrange this
financing to help advance their business objectives," said
Neal Legan, who leads the team that
advises CIT Northbridge.
CIT Northbridge Credit is a trusted financial partner
supporting middle-market companies with a broad range of flexible
asset-based debt solutions. A joint venture advised by First
Citizens Institutional Asset Management, it provides revolving and
term loan commitments from $15
million to $150 million to
companies across various industries and business cycles, and serves
primarily as sole lender, agent, club participant or co-lender.
About First Citizens Bank
First Citizens Bank
helps personal, business, commercial and wealth clients build
financial strength that lasts. Headquartered in Raleigh, N.C., and
now celebrating the 125th anniversary of its founding, First
Citizens has built a unique legacy of strength, stability and
long-term thinking that has spanned generations. First Citizens
offers an array of general banking services including a network of
more than 500 branches and offices in 30 states; commercial banking
expertise delivering best-in-class lending, leasing and other
financial services coast to coast; innovation banking serving
businesses at every stage; and a nationwide direct bank. Parent
company First Citizens BancShares, Inc.
(NASDAQ: FCNCA) is a top 20 U.S.
financial institution with more than $200
billion in assets. Discover more at
firstcitizens.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank