CIT Northbridge Credit Provides $40 Million to B&W Fiber Glass Inc.
PR Newswire
NEW YORK , July 16, 2024 /PRNewswire/ -- First Citizens Bank today announced that CIT Northbridge Credit , as advised by First Citizens Institutional Asset Management LLC, provided a $40 million revolving credit facility to B&W Fiber Glass Inc., a distributor of fiber glass and manufacturer of technical textile fiberglass and reinforcement materials.
B&W Fiber Glass was founded in 1998 and remains a family owned and operated business headquartered in Shelby, North Carolina . Their fiberglass is used by a wide range of industries in such products as reinforced tapes, architectural applications, surfboards, aircraft, and circuit boards. The company's operations consist of 60% distribution and 40% manufacturing.
"We appreciate working the CIT Northbridge in helping us secure financing that will enable us to continue to grow our business," said Brent Beason , president and chief financial officer of B&W Fiber Glass.
"B&W Fiber Glass is well positioned to serve the needs of many businesses in this vibrant market," said Neal Legan , who leads the team that advises CIT Northbridge Credit. "We are pleased to provide B&W Fiber Glass with this line of credit as they continue to leverage their strategic business objectives."
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 and a member of the Fortune 500™. Discover more at firstcitizens.com .
MEDIA RELATIONS:
Ella Bristow
(212) 461-5322
Ella.bristow@firstcitizens.com
SOURCE First Citizens Bank