04/08/2015
Citizens Commercial Banking leads commercial debt financing for AxleTech International acquisition
Funds support The Carlyle Group’s re-acquisition of the firm from General Dynamics
SOUTHFIELD, MI – Citizens Bank announced today that Citizens Commercial Banking has closed on financing to support The Carlyle Group’s re-acquisition of AxleTech International from General Dynamics.
Under a compressed timeline, Citizens Commercial Banking underwrote the entire commercial debt financing to support The Carlyle Group (NASDAQ: CG) in their re-acquisition of the company. The financing consisted of both an asset-based revolver, which was held for its own account, and a term loan that was successfully syndicated to an institutional investor.
AxleTech International is a global engineering and manufacturing company for off-highway and specialty vehicle drivetrain systems and components headquartered in Troy, Mich. Global alternative asset manager Carlyle previously owned the business from 2005 to 2008. Mary Petrovich, CEO of AxleTech International from 2002-2011, rejoined the firm as executive chairman.
“Citizens was able to draw on its expertise to structure financing that allowed us to execute this transaction,” said Carlyle Managing Director Adam Glucksman. “Citizens bankers are strong financial partners who bring innovative ideas to the table, excel at execution and provide great services.”
“We are pleased to be able to help finance Carlyle’s re-acquisition of AxleTech,” said Richard Hampson, President of Citizens Commercial Banking and Charter One, Michigan. “We look forward to working with the company’s management in the future.”
Citizens Commercial Banking is ranked fifth U.S. middle market bookrunner by number of deals, according to the Thomson Reuters league tables.
Citizens Commercial Banking is the commercial banking division of Providence, RI-based Citizens Financial Group. For more information, go to the Citizens Commercial Banking 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.
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