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Citizens Commercial Banking leads $60MM Credit Facility for API Heat Transfer Company

January 25, 2019, 07:10 AM
Filed Under: Manufacturing

Citizens Commercial Banking is leading a $60 million senior secured credit facility for API Heat Transfer Company, which through its operating subsidiaries, designs and manufactures a wide range of specialty heat exchangers and heat transfer solutions with manufacturing facilities in the United States, Germany, the United Kingdom and China. Citizens is the sole arranger and administrative agent.

A new Citizens client, the Buffalo, N.Y.-based company will use the funds to refinance existing debt and for general corporate purposes. 

“The industry expertise that the Citizens team brought to our transaction made for a seamless and timely execution, especially given a compressed timeframe to close the transaction,” said Tom Strauss, Chief Financial Officer of API Heat Transfer Company. “We greatly value our partnership with Citizens.”

“At Citizens, we try to think about the needs of our clients from their point of view and offer holistic solutions,” said Ted Smith, Western New York Market Executive, Citizens Bank. “Partnering with our Business Capital product team, we were able to provide a timely solution for API Heat Transfer Company. Providing asset-based lending solutions is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”

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