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Citizens Bank Closes $25MM Working Capital Facility with SEA-3, LLC

December 20, 2017, 08:00 AM
Filed Under: Distribution

Citizens Bank announced that Citizens Commercial Banking has provided a $25 million credit facility to Newington, NH-based SEA-3, LLC, a liquefied petroleum gas wholesale storage and distribution terminal operator located on the Piscataqua River and its affiliate Blackline Marketing, LLC as co-borrowers. Citizens is the sole lender.
SEA-3 and Blackline Marketing will use the $25 million asset-based revolver for working capital purposes. The new financing occurred in conjunction with the formation of Blackline Midstream, a joint venture formed between TPG Sixth Street Partners and Blackline Partners to purchase the company.
“Citizens bankers have served as trusted financial and strategic advisors,” said Mike Day, CEO of Blackline Midstream. “We look forward to continuing to work with Citizens and we appreciate their expertise and the value-added solutions they have provided.”

“At Citizens, we think about the needs of our clients from their point of view and offer holistic solutions that deliver the combined strength of the entire bank,” said Chris Carmosino, president of Business Capital, Citizens Bank. “The asset-based revolver we provided SEA-3 / Blackline Marketing demonstrates one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”

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