CIT Northbridge Credit Provides $35 Million to Network Wireless Solutions

Rhea-AI Summary

First Citizens Bank announced that CIT Northbridge Credit has provided a $35 million revolving line of credit to Network Wireless Solutions (NWS), a key player in telecom infrastructure. This financing will support NWS's business operations and strategic initiatives. NWS, established in 2012 and headquartered in Greensboro, North Carolina, is known for its innovative cable solutions and hardware products across the U.S. and Canada. CIT Northbridge Credit, a joint venture advised by First Citizens Institutional Asset Management, specializes in asset-based debt solutions for middle-market companies, offering loan commitments ranging from $15 million to $150 million.

Positive

• CIT Northbridge Credit provided $35 million revolving line of credit to NWS.
• The financing supports NWS's strategic vision and business operations.
• NWS offers innovative and custom-designed telecom solutions.
• NWS operates a network of warehouses across the U.S. and Canada.
• CIT Northbridge Credit specializes in flexible asset-based debt solutions for middle-market companies.

Negative

• No specific mention of immediate revenue generation from the financing.
• Potential dependency on external financing for business operations.

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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 

 

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SOURCE First Citizens Bank

FAQ

What is the amount of the revolving line of credit provided to NWS?

CIT Northbridge Credit provided a $35 million revolving line of credit to Network Wireless Solutions (NWS).

What is the purpose of the $35 million financing to NWS?

The financing supports NWS's business operations and strategic vision as a provider of telecom infrastructure solutions.

Who advised CIT Northbridge Credit on providing the $35 million credit?

First Citizens Institutional Asset Management advised CIT Northbridge Credit on the $35 million revolving line of credit.

When was the $35 million revolving line of credit to NWS announced?

The $35 million revolving line of credit to Network Wireless Solutions was announced on June 18, 2024.

What industries does CIT Northbridge Credit specialize in?

CIT Northbridge Credit specializes in providing asset-based debt solutions to middle-market companies across various industries.