Citizens served as the lead left arranger on a $325 million senior credit facility for Nice-Pak, an Orangeburg, NY-based global producer of wet wipes. The facility will be used to refinance existing debt and enhance liquidity.
An improved public health environment and the possibility of higher capital gains taxes will likely drive increased merger and acquisition activity in 2021, according to a Citizens survey of 700 leaders at U.S. middle market companies and private equity firms.
Citizens provided a new $30 million asset-based revolving line of credit to Ross-Simons, a jewelry provider based in Cranston, RI. Citizens is the administrative agent, sole lead arranger and sole bookrunner for the facility.
Citizens is the lead left arranger of a $125 million asset-based loan for Virginia Beach, VA-based Franchise Group. This transaction refinances an existing asset-based loan for two of Franchise Group’s businesses.
Bruker has closed a new five-year revolving credit facility with expanded capacity to borrow up to $600 million, and a new seven-year term loan in the aggregate principal amount of $300 million, together with cross-currency and interest rate swap arrangements.
Citizens Commercial Banking has hired Peter Wesemeier and Ben Los as managing directors, expanding the bank’s expertise in financial institution and insurance industry clients.
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.
BlueLinx Holdings closed a new five-year $335 million syndicated secured asset-based revolving credit facility. Wells Fargo served as administrative agent.
Gymboree emerged from Chapter 11 as a new corporation under the name Gymboree Group. Goldman Sachs provided an $85 million term loan, and Bank of America Merrill Lynch and Citizens provided a $200 million revolver to support the restructuring.