04/05/2016
Citizens Bank leads new credit facility for Taco, Inc.
Funds will be used to acquire subsidiary of Italian manufacturer Askoll and to refinance debt
CRANSTON, R.I. – Citizens Bank announced today that Citizens Commercial Banking is leading a new senior secured credit facility for Cranston, R.I.-based Taco, Inc., an HVAC systems manufacturer. Citizens Commercial Banking is Administrative and Collateral Agent, Sole Arranger and Sole Bookrunner in the 10-bank group.
Taco, a third generation family-owned company founded in 1920, will use the new funds, in part, to acquire the Askoll SEI heating pump subsidiary of the privately held Italian company Askoll Holding srl.
Taco is a growing multinational company with around 850 people worldwide, 500 are in the United States. It has manufacturing facilities in four countries and does business in 46 countries.
“We have been a longtime client of Citizens Commercial Banking and we appreciate the partnership,” said Taco CEO John Hazen White Jr. “The Citizens team brings great ideas and seamless execution to every transaction.”
“We’re happy to be able to offer our industry expertise as well as our capital markets capabilities to help Taco, Inc.’s management team achieve their strategic and financial goals,” said Jerry Sargent, Head of Middle Market Banking at Citizens Bank.
For more information, go to Citizens Commercial Banking.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $138.2 billion in assets as of December 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 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 as Citizens Bank, Citizens Commercial Banking and Citizens One. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
