CIT Northbridge Credit Provides $40 Million to B&W Fiber Glass Inc.

Rhea-AI Summary

First Citizens Bank announced that CIT Northbridge Credit has provided a $40 million revolving credit facility to B&W Fiber Glass Inc., a distributor and manufacturer of fiberglass and technical textile materials. Founded in 1998, B&W Fiber Glass is a family-owned business based in Shelby, North Carolina, serving various industries with products used in reinforced tapes, architectural applications, surfboards, aircraft, and circuit boards.

The company's operations are split between 60% distribution and 40% manufacturing. This financing will support B&W Fiber Glass's continued growth and strategic business objectives. CIT Northbridge Credit, a joint venture advised by First Citizens Institutional Asset Management, specializes in providing flexible asset-based debt solutions to middle-market companies, offering revolving and term loan commitments ranging from $15 million to $150 million.

Positive

• CIT Northbridge Credit provided a $40 million revolving credit facility to B&W Fiber Glass Inc.
• The financing will enable B&W Fiber Glass to continue growing its business
• B&W Fiber Glass serves a wide range of industries, indicating diverse market opportunities

Negative

• None.

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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 

 

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SOURCE First Citizens Bank

FAQ

What is the size of the credit facility provided to B&W Fiber Glass Inc. by CIT Northbridge Credit (FCNCA)?

CIT Northbridge Credit provided a $40 million revolving credit facility to B&W Fiber Glass Inc.

What is the business split of B&W Fiber Glass Inc. in terms of distribution and manufacturing?

B&W Fiber Glass Inc.'s operations consist of 60% distribution and 40% manufacturing.

What range of loan commitments does CIT Northbridge Credit (FCNCA) typically offer to middle-market companies?

CIT Northbridge Credit provides revolving and term loan commitments ranging from $15 million to $150 million to middle-market companies.

When was B&W Fiber Glass Inc. founded and where is it headquartered?

B&W Fiber Glass Inc. was founded in 1998 and is headquartered in Shelby, North Carolina.