06/03/2015
Citizens Bank leads $33 million of new senior secured credit facilities for McKechnie Vehicle Components USA, Inc.
SOUTHFIELD, MI – Citizens Bank announced today that it led $33 million of new senior secured credit facilities for McKechnie Vehicle Components USA, Inc. (MVC), a manufacturer of interior and exterior decorative trim products for the automotive industry.
MVC designs, develops and produces chrome plated and painted plastic trim products for light vehicle original equipment manufacturers and Tier 1 suppliers. The company also manufactures stainless steel stamped and buffed products. Headquartered in Roseville, MI, the company has manufacturing facilities in Nicholasville, KY, Newberry, SC and Staples, MN.
Citizens Bank closed $20 million in senior secured credit facilities of the global $33 million credit package as the Agent in a two-bank transaction.
In addition to leading the transaction, Citizens will become MVC’s primary depository and cash management provider.
“We are very pleased to have worked with Citizens Bank on this new financing,” said MVC CEO Mike Torakis. “The deal team at Citizens brought great ideas to the table and executed the transaction seamlessly.”
“This transaction provides MVC the capital needed to expand our chrome plating capacity and to invest in an exterior trim paint line in order to serve our customers’ needs,” said MVC President Linda Torakis.
“MVC is an excellent client with an outstanding business operation,” said Rick Hampson, President of Citizens Bank in Michigan. “We are very pleased to help the MVC management team achieve their strategic and financial goals.”
For more information, please 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.
