Citizens served as lead left arranger for a $300 million senior credit facility for Houston-based Moda Midstream. A total of seven financial institutions participated in the facility.
Moda Midstream is a Texas-based infrastructure company that stores and handles essential liquid products.
Moda Midstream will use the new credit facility to refinance existing debt and enhance liquidity to support its growth plans. Citizens also supported Moda Midstream’s 2018 acquisition of the Ingleside Energy Center from Occidental Petroleum.
“The Citizens team brought great ideas to the table and helped us formulate a plan to achieve our objectives. As market conditions changed due to the pandemic, they responded quickly and were excellent strategic and financial partners,” Jonathan Z. Ackerman, executive vice president and CFO of Moda Midstream, said. “We look forward to continuing to work closely with Citizens and we appreciate their hard work and expert advice.”
“We were able to provide an attractive new capital structure that allows the Moda team to meet their strategic objectives,” Brian Peters, Southeast regional executive at Citizens, said. “Providing senior credit facilities is just one of the ways that Citizens delivers value for clients at every stage of their business lifecycle.”
