PR Newswire
NEW YORK , June 18, 2024 /PRNewswire/ -- First Citizens Bank today announced that CIT Northbridge Credit , as advised by First Citizens Institutional Asset Management, LLC, provided a $35 million revolving line of credit to Network Wireless Solutions, a provider of cable solutions and distributor of hardware infrastructure products.
"This financing supports our business operations as we continue to execute on our strategic vision," said Bill Elkin , chief operating officer and chief financial officer at NWS. "In choosing a financing partner, certainty of close and speed of execution were major deciding factors and CIT Northbridge Credit delivered on both."
Established in 2012 and headquartered in Greensboro, North Carolina , NWS provides a wide range of mission-critical telecom solutions to service providers, integrators, contractors and other organizations in broadband and wireless markets. The company operates a network of warehouses across the U.S. and Canada .
"NWS stands out in the rapidly evolving wire and cable manufacturing industry for their innovative and custom-designed solutions for their clients," said Neal Legan , who leads the team that advises CIT Northbridge Credit. "We're pleased to provide this financing to NWS, a company that is poised to benefit from future industry advancements."
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