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Citizens Commercial Banking Provides $214MM Revolving Line of Credit for Nations Equipment Finance

November 14, 2019, 08:50 AM
Filed Under: Industry News

Citizens Bank announced that it has provided a $214 million Revolving Line of Credit for Norwalk, Connecticut-based Nations Fund I, a wholly owned subsidiary of NEF Holdings, LLC. Citizens acted as Left Lead Bank and Joint Lead Arranger.

Nations Equipment Finance (“NEF”) was founded in 2010 and specializes in providing equipment-secured leases and loans for small and medium-sized businesses primarily in the United States and Canada across several industry sectors, including transportation, manufacturing, construction and marine. The funds will be used to support future growth.

NEF is a wholly-owned portfolio company of Solar Capital Ltd. (NASDAQ: SLRC), a specialty finance company that invests directly or indirectly in leveraged U.S. middle market companies primarily in the form of cash flow first lien senior secured debt instruments and asset-based loans, including senior secured loans collateralized on a first lien basis primarily by current assets. Solar Capital’s investment manager, Solar Capital Partners, is the manager of over $6 billion of investable capital across two publicly-traded BDCs including Solar Senior’s sister company, Solar Senior Capital Ltd. (NASDAQ: SUNS), a private BDC and private credit funds.

“Citizens Commercial Banking has been our longtime financial and strategic partner,” said Susan O’Donovan, CFO of Nations Equipment Finance. “We appreciate their support of our business and how the entire Citizens team brings great ideas to the table and executes our transactions seamlessly.”

“Citizens works very hard to be our clients’ lead bank by providing great client service and solutions that deliver value for them at every stage of their business life cycle,” said Lisa Maass, president of Citizens Bank, Connecticut.

The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.

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