01/24/2019
Citizens Commercial Banking leads $60 million credit facility for API Heat Transfer Company
BUFFALO, NY – Citizens Commercial Banking is leading a $60 million senior secured credit facility for API Heat Transfer Company, which through its operating subsidiaries, is a global leader in the design and manufacture of a wide range of specialty heat exchangers and heat transfer solutions with manufacturing facilities in the United States, Germany, the United Kingdom and China. Citizens is the sole arranger and administrative agent.
A new Citizens client, the Buffalo, N.Y.-based company will use the funds to refinance existing debt and for general corporate purposes.
“The industry expertise that the Citizens team brought to our transaction made for a seamless and timely execution, especially given a compressed timeframe to close the transaction,” said Tom Strauss, Chief Financial Officer of API Heat Transfer Company. “We greatly value our partnership with Citizens.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer holistic solutions,” said Ted Smith, Western New York Market Executive, Citizens Bank. “Partnering with our Business Capital product team, we were able to provide a timely solution for API Heat Transfer Company. Providing asset-based lending solutions is just one 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.
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 $160.5 billion in assets as of December 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 2,900 ATMs and approximately 1,100 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.
