02/11/2015
Citizens Bank leads $300 million in senior acquisition financing and serves as financial advisor for VSE Corporation
Credit facility helps fund VSE’s acquisition of four business units from Killick Aerospace Group
BOSTON – Citizens Bank announced today that it acted as financial advisor to Alexandria, VA-based VSE Corp. and arranged financing for VSE’s acquisition of four business units from Killick Aerospace Group.
Citizens amended a loan agreement with VSE (NASDAQ: VSEC) to extend the agreement for five years and increase the commitment to $300 million – a $150 million revolving credit facility and $150 million term loan facility – In connection with the acquisition.
The four business units acquired from Killick Aerospace Group were Prime Turbines (including both U.S. and Germany-based operations), CT Aerospace, Kansas Aviation of Independence and Air Parts & Supply Co. The companies specialize in maintenance, repair and overhaul (MRO) services and parts supply for corporate and regional jet aircraft engines and engine accessories.
“We are pleased to have worked with the Citizens Commercial Banking team on this key acquisition,” said VSE Corp. CEO and President Maurice “Mo” Gauthier. “Citizens brought great ideas to the table and was able to execute the financial strategy quickly to make this deal happen.”
“VSE Corporation is a great client of our Aerospace, Defense and Government Services team, with an excellent business operation,” said Dan Fitzpatrick, Head of MidCorporate and Industry Verticals at Citizens Commercial Banking. “We are very pleased to be able to help VSE management achieve their strategic and financial goals.”
For more information about Citizens Commercial Banking, go to citizensbank.com/commercial.
About Citizens Financial Group, Inc.
Citizens Financial Group Inc. (NYSE: CFG) is one of the nation’s oldest and largest financial institutions, with $132.9 billion in assets as of December 31, 2014. Headquartered in Providence, Rhode Island, the company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Consumer Banking helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank and Charter One branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in selective markets nationwide. Citizens Commercial Banking 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 hedging, leasing and asset finance, specialty finance and trade finance. Citizens operates via subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
