NEW
YORK, June 11, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Asset-Based
Lending business will provide up to $400 million in combined financing to facilitate
the investments of WhiteHawk Fund IV and WhiteHawk Evergreen
Fund.
Both funds are managed by WhiteHawk Capital Partners, which
seeks to earn attractive returns by sourcing and structuring
asset-based loans to private and public companies. The credit
facilities leverage the funds' existing portfolios and provide
capital for future growth.
"We are pleased to continue our relationship with First Citizens
Bank. The new credit facilities enhance our ability to continue to
execute our direct lending, asset based strategy for the Fund IV
and Evergreen vehicles," said Robert
Louzan, Managing Partner of WhiteHawk Capital Partners. "We
greatly appreciated the expertise and responsiveness of the First
Citizens team in arranging the financing for these funds."
"WhiteHawk Capital is well-known for its success in extending
asset-based financing to select borrowers," said Chris Esposito, managing director and group head
for First Citizens' Asset-Based Lending business. "We were pleased
to again collaborate with the WhiteHawk team in arranging these
credit facilities and look forward to supporting future
opportunities as they arise."
First Citizens Asset-Based Lending business meets clients'
working capital needs by offering innovative structures that reduce
funding costs and lower operational risks while improving earnings
by leveraging accounts receivable, inventory or fixed assets as
collateral.
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
and a member of the Fortune 500™. 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