06/25/2018
Citizens Bank Leads New Financing for MAG Aerospace
WASHINGTON, DC – Citizens Bank announced today that Citizens Commercial Banking led a new credit facility for Fairfax, Va.-based MAG Aerospace to provide working capital and acquisition financing. Citizens is Left Lead Arranger, Joint Bookrunner and Administrative Agent.
MAG Aerospace is the leading independent provider of manned/unmanned full-spectrum outsourced Intelligence, Surveillance and Reconnaissance (ISR) services, with more than 1,000 employees operating more than 200 platforms over 100,000 flight hours annually on six continents.
“Citizens Bank served as a trusted strategic and financing partner on this deal. With this new credit facility for MAG Aerospace, they have helped the company broaden its capabilities and position itself for future growth,” said Laura Holson, Head of Capital Markets at New Mountain Capital, a New York City-based growth-oriented investment firm that currently manages more than $20 billion in assets and recently acquired MAG. Robert Mulcare, Managing Director at New Mountain added, “The Citizens team brought great ideas to the table and executed our transaction quickly and seamlessly.”
“Providing working capital and acquisition financing are just some of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle. In this case, the Aerospace, Defense and Government Services corporate banking team led by Dan Darnell, and our corporate finance team led by Dillon Bowles, showed their dedicated focus and expertise in this sector to assist MAG Aerospace,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region, and Head of National Industry Verticals. “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.”
Citizens is a trusted strategic and financial adviser, 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 $153.5 billion in assets as of March 31, 2018. 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 3,300 ATMs and approximately 1,150 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.
