NEW
YORK, May 30, 2024 /PRNewswire/ -- First
Citizens Bank today announced that CIT Northbridge Credit, as
advised by First Citizens Institutional Asset Management, LLC,
provided a $75 million revolving
credit facility to Cisco Equipment Rentals, a Texas-based provider of equipment rentals, new
and used equipment sales, parts and service.
The revolver was used to refinance and consolidate multiple
existing lending facilities supporting a growth-oriented business
plan and in conjunction with a complex restructuring and
recapitalization of the balance sheet.
"We appreciate the diligence and expertise provided by the CIT
Northbridge Credit team in arranging this credit facility," said
Randy Agee, interim CEO at Cisco
Equipment Rentals. "They learned our business structure and
objectives by collaboratively working with key Cisco team members,
were available to walk the team through questions, and combined
First Citizens' asset management expertise with Cisco's vision and
needs to deliver a financing package that will excel Cisco's rental
business forward."
"We're pleased to provide this financing to Cisco Equipment
Rentals as they continue to diversify sectors and enter new markets
across Texas," said Neal Legan, who leads the team that advises CIT
Northbridge Credit. "The new facility provides management and
ownership significant flexibility to strengthen Cisco Equipment
Rentals' market position, and we look forward to supporting their
business plans going forward."
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., 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.
First Citizens Bank, Member FDIC. Discover more at
firstcitizens.com.
MEDIA RELATIONS:
Lexa Tutela
Losey
212-461-5305
Lexa.Tutela@firstcitizens.com
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SOURCE First Citizens Bank