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First Niagara Arranges $20MM Credit Facility With Crosman Corporation

September 04, 2015, 07:45 AM
Filed Under: Manufacturing

First Niagara Financial Group announced that it closed on a $20 million credit facility with Crosman Corporation, a world leader in the design and manufacture of air rifles for hunting, recreation and competitive shooting. 

The deal includes a revolving credit facility which will provide the more than 90-year-old company with the working capital it needs to continue to meet the high demand for its products around the world.

"First Niagara's team was able to structure a capital solution that will allow us to continue to innovate our design and manufacturing processes as we expand into new markets," said Bob Beckwith, CFO of Crosman Corporation. “In addition, it will allow us to continue to produce the majority of our products right here in Upstate New York.” 

Headquartered in East Bloomfield, N.Y., Crosman was founded in 1924 as the Crosman Rifle Company.  Today, its more than 300 local employees design, manufacture and market a range of products, including steel and plastic BBs, lead pellets and C02 cartridges at its plant in the Greater Rochester region. 

“Having served as a financial partner to Crosman Corporation for over a decade, our team has a deep understanding of their unique credit needs," said Vito Caraccio, First Vice President of First Niagara in Rochester, N.Y.  “As an international leader in its field, Crosman’s products are in high demand at retailors like Dick’s Sporting Goods, Walmart and Amazon.  We were pleased to tailor a credit and treasury management solution to help them continue to grow and succeed.”

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