Citizens Commercial Banking acted as sole arranger and administrative agent on a $60 million senior secured credit facility for API Heat Transfer, a designer and manufacturer of specialty heat exchangers and heat transfer solutions.
Based in Buffalo, NY, the company has manufacturing facilities in the U.S., Germany, the UK and China. It is a brand new client for Citizens.
API plans to use the facility to refinance its existing debt and for general corporate purposes.
“The industry expertise that the Citizens team brought to our transaction made for a seamless and timely execution, especially given a compressed timeframe to close the transaction,” said Tom Strauss, API chief financial officer. “We greatly value our partnership with Citizens.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer holistic solutions,” said Ted Smith, Western New York Market executive for Citizens Bank. “Partnering with our Business Capital product team, we were able to provide a timely solution for API. Providing asset-based lending solutions is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”