05/02/2016
Citizens Bank provides $23.1 million senior credit facility to Lytron, Inc.
BOSTON – Citizens Bank announced today that Citizens Commercial Banking has provided Woburn-based Lytron, Inc. with a new $15 million Revolving Line of Credit and an $8.1 million Commercial Real Estate Mortgage.
Lytron is an international supplier of liquid cooling and thermal management solutions to Original Equipment Manufacturers (OEMs).
A Citizens client since 2011, Lytron will use the funds to refinance existing debt and for general corporate purposes.
“Citizens is a great financial and strategic partner that brings smart ideas to every meeting and seamless execution to every deal,” said David Long, Chief Financial Officer of Lytron, Inc. “In addition to lowering our cost of capital, this transaction gives us enhanced flexibility and additional borrowing capacity for future strategic uses.”
“Lytron is an excellent client with a strong management team,” said Jerry Sargent, Massachusetts President of Citizens Bank. “Our bankers are very happy to have been able to combine local service delivery with the sophisticated banking capabilities needed by an international company like Lytron to help them achieve their strategic and financial goals.”
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 $140.1 billion in assets as of March 31, 2016. 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.
