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Citizens Provides $30MM Asset-Based Revolving Line of Credit to Ross-Simons

December 23, 2020, 09:00 AM
Filed Under: Consumer Products

Citizens announced today that it has provided a new $30 million asset-based revolving line of credit to Cranston, R.I. based Ross-Simons, a leader in direct-to-consumer sales, specializing in offering unique and proprietary fine jewelry designs alongside a deep selection of classics such as diamond tennis bracelets and gold necklaces. Citizens is the Administrative Agent, Sole Lead Arranger and Sole Bookrunner.

Ross-Simons reaches consumers through a company-operated website, catalog, and its flagship retail store in Warwick, R.I.  The company offers a wide selection of fine jewelry across a range of price points and is known for mixing materials and colors in unexpected combinations. The company was acquired earlier this month by Nonantum Capital Partners.

“We are longtime Citizens clients and rely on our team at Citizens for great ideas and advice,” said Jim Speltz, President and CEO of Ross-Simons. “In this case, the Citizens team was able to execute the deal in less than a month. We look forward to continuing to work with our Citizens bankers and appreciate their dedication to our success.”

“We worked closely with the Ross-Simons and Nonantum Capital Partners teams and were able to provide an asset-based revolving line of credit that will offer the company more flexibility,” said Jaime Ward, head of retail finance, Citizens. “Providing asset-based lending solutions is just one of the ways that Citizens can deliver substantial value for clients at every stage of their business life cycle.”

Citizens is a trusted strategic and financial partner, consistently delivering clear and objective advice. The Citizens approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.

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