06/22/2016
Citizens Bank provides $17.5 million senior credit facility to Holt Logistics Corp.
PHILADELPHIA – Citizens Bank announced today that Citizens Commercial Banking has provided a new $17.5 million senior credit facility to Holt Logistics Corp. client Gloucester Terminals LLC.
Citizens was the sole lender on the transaction, which was part of a broader corporate financing of a large bond defeasement.
Holt Logistics Corp. represents transportation and logistics management companies providing solutions such as marine terminal services (stevedoring), warehousing and logistics management. The funds will be used to provide working capital for expanding port operations and to refinance debt.
“Citizens is an excellent financial and strategic partner that has been very supportive of our corporate vision and strategic plans,” Tom Holt, Chairman of Holt Logistics Corp. “Citizens is an important strategic partner for us. In addition to assisting in lowering our overall cost of capital, this transaction gives us enhanced flexibility and additional borrowing capacity for future strategic requirements.”
“Holt Logistics Corp. is an excellent client with a strong management team,” said Daniel K. Fitzpatrick, President of Citizens Bank of Pennsylvania, New Jersey and Delaware. “Our bankers are very happy to have been able to help Holt Logistics Corp. 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.
