NEW
YORK, Nov. 30, 2023 /PRNewswire/ -- First
Citizens Bank today announced that its Asset-Based
Lending business, part of the bank's Commercial
Finance group, served as co-collateral agent on $75 million in financing for branded consumer
products company Turning Point Brands Inc.
Based in Louisville, Kentucky,
Turning Point Brands is a manufacturer, marketer and distributor of
branded consumer products including alternative smoking accessories
and consumables with active ingredients through its Zig-Zag and
Stoker's brands. Turning Point Brand's products are available
online and in more than 215,000 retail outlets in North America.
The off-balance sheet revolving line of credit is backed by both
inventory and accounts receivable, with inventory serving as the
primary collateral.
"We appreciated the agility and expertise of the Asset-Based
Lending team in arranging this financing, which supports the
pursuit of our strategic business objectives," said Louie Reformina, Chief Financial Officer for
Turning Point Brands.
"We worked closely with Turning Point Brands to understand their
requirements and develop a financing package to meet those
objectives," said Chris Esposito,
group head for Asset-Based Lending. "We look forward to continuing
to work with this organization as they advance their business plan
and goals."
First Citizens Asset-Based Lending, part of the company's
Commercial Finance group, 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., 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