10/27/2017
Citizens Bank provides new $60 million plan-of-reorganization financing for True Religion Brand Jeans
Funds will support working capital needs as retailer grows business following emergence from bankruptcy protection
PROVIDENCE, RI – Citizens Bank announced today that Citizens Commercial Banking has provided a new $60 million credit facility to Manhattan Beach, Calif.-based True Religion Brand Jeans, Inc., a premier retailer of denim, vintage-inspired knits, graphic tees and activewear since 2002. Citizens previously provided $60 million in debtor-in-possession financing for True Religion in July.
The new credit facility will be used by True Religion for working capital as the retailer grows the business post-reorganization.
“Citizens bankers have been our trusted advisers and have provided essential financial support to help True Religion execute on our restructuring plan,” said John Ermatinger, President and CEO of True Religion. “We look forward to continuing to work with Citizens and appreciate their expertise and the value-added solutions they have provided.”
“At Citizens, we think about the needs of our clients from their point of view and offer holistic solutions that deliver the combined strength of the entire bank,” said Jaime Ward, Head of Retail Finance, Citizens Bank. “The debtor-in-possession and plan-of-reorganization credit facilities we provided True Religion demonstrate some of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”
Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential throughout their business life cycle.
For more information about Citizens, visit the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $151.4 billion in assets as of September 30, 2017. 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. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 rate products and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
