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Citizens Provides $325MM Senior Credit Facility to Nice-Pak

February 23, 2021, 08:00 AM
Filed Under: Manufacturing

Citizens provided a new $325 million senior credit facility to Orangeburg, N.Y.-based Nice-Pak, the leading global producer of wet wipes. Citizens is the Lead Left Arranger. The new credit facility will be used to refinance existing debt and enhance liquidity as the company expands production.
Founded in 1957, the family-run company pioneered wet wipes with the founder’s invention of the first disposable wet napkin. The company’s Wet-Nap® became a foodservice staple, first at Kentucky Fried Chicken and later at establishments across the country.

“The Citizens team’s innovative thinking and strong execution are exactly what we are looking for in a strategic and financial partner,” said Paul Carousso, CFO of Nice-Pak. “We look forward to working closely with our Citizens bankers and we trust their advice and commitment to our long-term success.”

“Anthony Selvaggio and team were able to provide an attractive new capital structure that will allow the Nice-Pak team to meet their strategic objectives,” said Daniel K. Fitzpatrick, President of Citizens, Mid Atlantic Region. “Providing senior credit facilities is just one of the ways that Citizens can deliver substantial value for clients at every stage of their business life cycle.”

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