CIT Northbridge Credit Refinances and Upsizes $45 Million Credit Facility with Tubular Synergy

(Neutral)

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Tags

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

05/22/2023 - 09:00 AM EDT

NEW YORK, May 22, 2023 /PRNewswire/ -- First Citizens Bank today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, has provided $45 million to refinance and upsize a secured credit facility for Tubular Synergy Group LP, a privately held sales, marketing and supply chain services distributor.

Founded in 2008 and headquartered in Dallas, Texas, Tubular Synergy Group provides casing, tubing, and line pipe products for the energy industry.

"Demand for our tubular products has been steadfast while inflationary pressure has altered our costs, which compelled us to upsize our credit facility," said W. Byron Dunn, CEO of Tubular Synergy. "We appreciated the seasoned expertise of the CIT Northbridge team in providing financing as we continue to deliver value to our customers."

"Tubular Synergy has a long and distinguished history of providing clients with outstanding products and services. We were pleased to deliver the financing needed to support their ongoing operations and future growth," said Neal Legan, who leads the team that advises CIT Northbridge.

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 CIT 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., and now celebrating the 125th anniversary of its founding, 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 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. 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.