06/25/2015
Citizens Bank Arranges a $35 Million Senior Secured Credit Facility for Total Hockey
Retail financing will be used for store expansion, to refinance existing debt and for the anticipated acquisition of Denver-based Player’s Bench
ST. LOUIS, MO – Citizens Bank announced today that Citizens Commercial Banking arranged a $35 million senior secured credit facility for Total Hockey, a specialty hockey and lacrosse retailer in the United States which has been named to Inc. Magazine’s list of “Fastest Growing Companies” for seven straight years.
Total Hockey was founded in 1999 in St. Louis, and began its store expansion in key hockey markets in 2006, growing to 24 stores today in seven markets with fully functioning omni-channel retailing capabilities. Total Hockey recently announced plans to acquire Denver-based hockey and lacrosse retailer Player’s Bench, which has eight stores in Colorado, Ohio, Texas, Utah and Wisconsin.
Citizens’ Retail Finance Group provided a $30 million asset-based revolving line of credit with Gordon Brothers Finance Company, LLC providing a $5 million secured term loan to Total Hockey.
“Citizens was able to draw on its retail finance expertise to structure a solution that allowed us to execute this transaction,” said Michael Benoit, Total Hockey’s founder, owner and CEO. “Citizens bankers are strong financial partners who bring innovative ideas to the table.”
“Citizens was able to help deliver the same kind of experience we offer our customers – a knowledgeable staff that provides great customer service. We experienced flawless execution and now have the capital that will allow us to achieve our growth objectives,” said Susan O’Leary, Total Hockey’s CFO.
“We are very pleased to be able to help Michael, Sue and the team at Total Hockey meet their strategic and financial goals,” said Chris Carmosino, President of Citizens Business Capital. “The company has demonstrated impressive growth and we are excited to help them continue to execute their plans.”
For more information on commercial bank loans and how Citizens can help businesses meet their goals, visit 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 $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