Citizens Commercial Banking provided a new $17.5 million senior credit facility to Holt Logistics client Gloucester Terminals.

Citizens was the sole lender on the transaction, which was part of a broader corporate financing of a large bond defeasement.

Holt Logistics represents transportation and logistics management companies providing solutions such as marine terminal services (stevedoring), warehousing and logistics management. The funds will be used to provide working capital for expanding port operations and to refinance debt.

“Citizens is an excellent financial and strategic partner that has been very supportive of our corporate vision and strategic plans,” said Tom Holt, chairman of Holt Logistics. “Citizens is an important strategic partner for us. In addition to assisting in lowering our overall cost of capital, this transaction gives us enhanced flexibility and additional borrowing capacity for future strategic requirements.”

“Holt Logistics Corp is an excellent client with a strong management team,” said Daniel K. Fitzpatrick, president of Citizens Bank of Pennsylvania, New Jersey and Delaware. “Our bankers are very happy to have been able to help Holt Logistics achieve their strategic and financial goals.”