RBS Citizens, JPMorgan Provide Facility to TRC Companies
TRC Companies announced that it entered into a new five-year, $75 million revolving credit facility with RBS Citizens, as lead bank, and JPMorgan Chase. The new facility will support general working capital needs as well as growth initiatives and replaces the company’s existing $65 million revolver, which was due to expire in July 2014.
“This new banking relationship provides TRC with increased borrowing capacity and significant financial flexibility to support our long term growth strategy,” said chairman and chief executive officer Chris Vincze. “We are encouraged by the confidence these major financial institutions have in TRC as we continue to grow our leadership position in the markets we serve.”
“TRC has a great management team and a strong plan for growth, so we were able to move quickly to provide this revolving credit facility in addition to depository and cash management services,” said Jerry Sargent, president of RBS Citizens and Citizens Bank, Massachusetts. “Our job is to help management teams create value for their shareholders and their customers, and we are excited to be working with the TRC team as they execute their growth strategy.”
TRC is a national engineering, consulting and construction management firm that provides integrated services to the energy, environmental and infrastructure markets.