03/18/2015
Citizens Bank Provides $100 Million Revolving Line of Credit for International Materials Inc.
Global broker/trader of bulk commodity materials will use funds for working capital
BOSTON – Citizens Bank announced today that it has provided a $100 million, three-year Revolving Line of Credit to Boca Raton, Fla.-based International Materials, Inc.
Founded in 1987, International Materials, Inc. (IMI), which has offices in Wayne, Pa., operates as a global broker/trader of bulk commodity materials, most notably cement/clinker, gypsum, bauxite, iron fines and coal/pet coke and will use the $100 million RLOC for working capital.
IMI ships over 9 million tons of materials annually primarily to wallboard, cement and steel industries and is the exclusive marketing representative for three high-quality gypsum mines in southern Spain (owned by Saint Gobain Group), Salalah, Oman (owned by Saint Gobain Group) and Mexico (owned by COMSA). Product mix varies from year to year based on supply and demand of global commodities.
Citizens previously led an $87 million RLOC, but additional capital was needed to accommodate the company’s growth. In addition to providing the RLOC, Citizens provides the company’s letter of credit, foreign exchange and cash management services.
“We are very pleased to have worked with the Citizens Commercial Banking team on this transaction,” said International Materials Inc. Chief Financial Officer Bob Filipski. “Citizens brings great ideas to the table and is able to execute quickly to help us meet our financial goals.”
“IMI is a great client with international reach and an excellent business operation,” said Steve Woods, Head of Corporate Banking for Citizens Commercial Banking. “We value our clients and the team is glad to be able to help IMI management achieve their strategic and financial goals.”
For more information about Citizens Commercial Banking, visit the Citizens Bank website.
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.
