12/03/2017
Citizens Bank Provides $23 Million Credit Facility to PSI Molded Plastics, Inc.
New deal reflects continued support of New Hampshire business
BOSTON – Citizens Bank announced today that Citizens Commercial Banking is providing $23 million in credit to help fund the merger of Wolfeboro, NH-based GI Plastek and Myrtle Beach, S.C.-based Precision Southeast, Inc. to create PSI Molded Plastics, Inc. (“PSI”).
The transaction facilitates the merger of two Gladstone Investment Corporation (Nasdaq: GAIN) portfolio companies to establish a custom injection molder with facilities in New Hampshire, South Carolina and Indiana that offers a broad and comprehensive range of plastic injection molding capabilities. The new credit facility was used to pay off existing debt and to consolidate the debt capital in the resulting consolidated entity.
“We greatly value our partnership with Citizens Bank and appreciate the team’s market knowledge and excellent execution,” said Christopher Lee, managing director of Gladstone Investment. “We look forward to continuing to work with Citizens in the years ahead.”
“We are excited to partner with Gladstone and support PSI in this exciting and transformative merger. This transaction shows our team’s strengths as financial advisors who can offer expertise and tailored solutions to help clients execute on business opportunities,” said Joe Carelli, president, New Hampshire and Vermont, Citizens Bank. “Citizens is able to bring the combined strength of the entire bank to help our clients reach their potential.”
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.
For more information, please go to 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.
About Gladstone Investment Corporation
Gladstone Investment is a publicly traded business development company that seeks to make debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information on the transaction can be found at www.gladstoneinvestment.com.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
