12/19/2017
Citizens Bank provides $25 million credit facility to SEA-3, LLC
Funds will be used for working capital following Blackline Midstream purchase of the company
BOSTON – Citizens Bank announced today that Citizens Commercial Banking has provided a $25 million credit facility to Newington, NH-based SEA-3, LLC, a liquefied petroleum gas wholesale storage and distribution terminal operator located on the Piscataqua River, and its affiliate Blackline Marketing, LLC as co-borrowers. Citizens is the sole lender.
SEA-3 and Blackline Marketing will use the $25 million asset-based revolver for working capital purposes. The new financing occurred in conjunction with the formation of Blackline Midstream, a joint venture formed between TPG Sixth Street Partners and Blackline Partners to purchase the company.
“Citizens bankers have served as trusted financial and strategic advisors,” said Mike Day, CEO of Blackline Midstream. “We look forward to continuing to work with Citizens and we 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 Chris Carmosino, president of Business Capital, Citizens Bank. “The asset-based revolver we provided SEA-3 / Blackline Marketing demonstrates one of the ways that Citizens delivers substantial value for our clients at every stage of 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.
