The asset-based lending businesses of CIT, a division of First Citizens Bank, served as sole lender on a $35 million senior secured credit facility for D.P. Nicoli, a provider of trench shoring rental equipment to public utilities, municipalities and contractors in California, Oregon, Washington and Idaho. The rentals include steel and aluminum trench shields, hydraulic shoring, steel plates, slide rails, pipe plugs and other equipment used to provide safety to underground construction companies.
D.P. Nicoli will use the credit facility to refinance existing debt, restructure the company’s equity and pursue growth opportunities.
“CIT is well-known for its expertise in asset-based lending for middle-market businesses and we appreciated their agility in helping to arrange this financing as our company executes on its strategic initiatives,” Dave Nicoli, president of D.P. Nicoli, said.
“D.P. Nicoli is a leader in trench shoring equipment rentals that enable safe and efficient construction below ground level,” Chris Esposito, managing director and group head for CIT’s asset-based lending business, said. “The company is in an attractive position to leverage asset-based lending and we were pleased to assist with this financing.”
