Citizens Financial Group Inc.

11/13/2019 | Press release | Distributed by Public on 11/13/2019 08:00

Citizens Commercial Banking Provides $214 million Revolving Line of Credit for Nations Equipment Finance


Citizens Commercial Banking Provides $214 million Revolving Line of Credit for Nations Equipment Finance

PROVIDENCE, R.I. - Citizens Bank announced today that it has provided a $214 million Revolving Line of Credit for Norwalk, Connecticut-based Nations Fund I, a wholly owned subsidiary of NEF Holdings, LLC. Citizens acted as Left Lead Bank and Joint Lead Arranger.

Nations Equipment Finance ('NEF') was founded in 2010 and specializes in providing equipment-secured leases and loans for small and medium-sized businesses primarily in the United States and Canada across several industry sectors, including transportation, manufacturing, construction and marine. The funds will be used to support future growth.

NEF is a wholly-owned portfolio company of Solar Capital Ltd. (NASDAQ: SLRC), a specialty finance company that invests directly or indirectly in leveraged U.S. middle market companies primarily in the form of cash flow first lien senior secured debt instruments and asset-based loans, including senior secured loans collateralized on a first lien basis primarily by current assets. Solar Capital's investment manager, Solar Capital Partners, is the manager of over $6 billion of investable capital across two publicly-traded BDCs including Solar Senior's sister company, Solar Senior Capital Ltd. (NASDAQ: SUNS), a private BDC and private credit funds.

'Citizens Commercial Banking has been our longtime financial and strategic partner,' said Susan O'Donovan, CFO of Nations Equipment Finance. 'We appreciate their support of our business and how the entire Citizens team brings great ideas to the table and executes our transactions seamlessly.'

'Citizens works very hard to be our clients' lead bank by providing great client service and solutions that deliver value for them at every stage of their business life cycle,' said Lisa Maass, president of Citizens Bank, Connecticut.

The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.

For more information, please go to the Citizens Commercial Bankingwebsite.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $164.4 billion in assets as of September 30, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.comor visit us on Twitter, LinkedInor Facebook.