05/07/2015
Citizens Bank leads $72.5 million financing for The Carmelite System
ALBANY, NY – Citizens Bank announced today that it is providing $72.5 million in financing for The Carmelite System.
The Germantown, N.Y.-based Carmelite System, a Catholic nonprofit health system sponsored by the Carmelite Sisters for the Aged and Infirm, consists of 14 senior care facilities that provide services to the aged and infirm. The member facilities are located in Florida, Illinois, Iowa, Kentucky, Massachusetts, New York, Ohio and Dublin, Ireland, where senior care services are provided, including skilled nursing, assisted living, independent living and post-acute care. Started in 1929, the organization provides services for over 3,000 individuals.
The $72.5 million financing consists of four tax-exempt bond direct purchases and one taxable term loan.
Proceeds from the financing were used to fund the acquisition of The Villas at Saint Therese, Independent and Assisted Living Facilities previously owned by the Diocese of Columbus, OH, as well as to refinance three series of outstanding debt.
“The Citizens Commercial Banking team was an excellent partner on this transaction,” said Paul MacGiffert, president and CEO of The Carmelite System, Inc. “Citizens brings great ideas to the table and is able to execute quickly to help us meet our financial goals.”
“The Carmelite System is a great client that provides important services,” said Jim Gaspo, President of Citizens Bank in New York. “The Citizens team was happy to be able to help Carmelite management meet their strategic and financial goals.”
For more information, go to the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $136.5 billion in assets as of March 31, 2015. 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. In Consumer Banking, Citizens 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 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 select markets nationwide. 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 hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its 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.
