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Citizens Bank Provides $300MM Senior Credit Facility for Moda Midstream

April 29, 2021, 07:00 AM
Filed Under: infrastructure

Citizens served as Lead Left Arranger for Houston-based Moda Midstream’s $300 million senior credit facility in which seven financial institutions participated.

Moda is a Texas-based infrastructure company that stores and handles liquid products that are essential to our economy and our way of life. Moda is a trusted, innovative partner dedicated to safely, reliably and efficiently moving liquids from origin to destination.

The new credit facility will be used to refinance existing debt and enhance liquidity to support the company’s growth plans. Citizens also supported Moda’s 2018 acquisition of the Ingleside Energy Center from Occidental Petroleum.

“The Citizens team brought great ideas to the table and helped us formulate a plan to achieve our objectives. As market conditions changed due to the pandemic, they responded quickly and were excellent strategic and financial partners,” said Jonathan Z. Ackerman, Executive Vice President and CFO of Moda Midstream. “We look forward to continuing to work closely with Citizens and we appreciate their hard work and expert advice.”

“We were able to provide an attractive new capital structure that allows the Moda team to meet their strategic objectives,” said Brian Peters, Southeast Regional Executive, Citizens. “Providing senior credit facilities is just one of the ways that Citizens delivers value for clients at every stage of their business life cycle.”

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