02/20/2019
Citizens Commercial Banking leads $105 million credit facility for FULLBEAUTY Brands, LLC
Funds supported online clothing retailer in fastest bankruptcy ever
NEW YORK – Citizens Commercial Banking led a $105 million credit facility for New York-based FULLBEAUTY Brands, LLC, an online retailer of plus-sized clothing. Citizens was the lead arranger and bookrunner. The funds were provided to FULLBEAUTY upon its emergence from bankruptcy and were used to repay the prepetition asset-based facility, fund the bankruptcy fees and expenses, and provide the company with go-forward working capital.
This deal was the fastest bankruptcy ever with FULLBEAUTY filing for bankruptcy protection on Feb. 3 and obtaining the Bankruptcy Court’s confirmation of the plan of reorganization the next day. The plan went into effect three days later.
“The Citizens team impressed us with their industry expertise and their commitment to assist FULLBEAUTY during our reorganization,” said Emilie Arel, CEO of FULLBEAUTY Brands. “We value our partnership with Citizens and look forward to working with the team as we move forward with the transformation of FULLBEAUTY.”
“At Citizens, we really think about the needs of our clients from their point of view and offer holistic solutions,” said Chapin Bates, New York City Metro Regional Executive, Citizens Bank. “Partnering with our Business Capital product team, we were able to work quickly and put together a timely solution for FULLBEAUTY Brands. 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.
