06/15/2016
Citizens Bank leads $52 million credit facility for Primanti Corporation
Casual dining chain will use funds for growth, to refinance debt
PITTSBURGH – Citizens Bank announced today that Citizens Commercial Banking acted as Lead Left Arranger of a new $52 million credit facility for Pittsburgh-based Primanti Corporation.
Primanti Bros. is a 30-unit casual dining chain that has been a Pittsburgh staple since 1933. Primanti Bros. now has restaurants in five states – Pennsylvania, West Virginia, Maryland, Ohio and Indiana.
A Citizens client since 2013, Primanti will use the $52 million credit facility to refinance debt and as growth capital for new development.
“It has been great working with Citizens Bank over the past three years and we look forward to continuing the relationship on an expanded level,” said Scott Leya, Chief Financial Officer of Primanti Corporation.
“Primanti is a great client with a strong management team,” said Daniel K. Fitzpatrick, Pennsylvania President of Citizens Bank. “The restaurant industry specialists in our Franchise Finance division were able to provide a thoughtful and effective solution to help the Primanti team 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.
