FCNCA - CIT Northbridge Credit Provides $75 Million to Cisco Equipment Rentals

PR Newswire

NEW YORK , May 30, 2024 /PRNewswire/ -- First Citizens Bank today announced that CIT Northbridge Credit , as advised by First Citizens Institutional Asset Management, LLC, provided a $75 million revolving credit facility to Cisco Equipment Rentals, a Texas -based provider of equipment rentals, new and used equipment sales, parts and service.

The revolver was used to refinance and consolidate multiple existing lending facilities supporting a growth-oriented business plan and in conjunction with a complex restructuring and recapitalization of the balance sheet.

"We appreciate the diligence and expertise provided by the CIT Northbridge Credit team in arranging this credit facility," said Randy Agee , interim CEO at Cisco Equipment Rentals. "They learned our business structure and objectives by collaboratively working with key Cisco team members, were available to walk the team through questions, and combined First Citizens' asset management expertise with Cisco's vision and needs to deliver a financing package that will excel Cisco's rental business forward."

"We're pleased to provide this financing to Cisco Equipment Rentals as they continue to diversify sectors and enter new markets across Texas ," said Neal Legan , who leads the team that advises CIT Northbridge Credit. "The new facility provides management and ownership significant flexibility to strengthen Cisco Equipment Rentals' market position, and we look forward to supporting their business plans going forward."

CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by First Citizens Institutional Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C. , First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.

MEDIA RELATIONS:
Lexa Tutela Losey
212-461-5305
Lexa.Tutela@firstcitizens.com

SOURCE First Citizens Bank