CIT Arranges Financing for Noted Fashion Brand Kenneth Cole Productions Inc.

Rhea-AI Summary

CIT, a division of First Citizens Bank, has successfully arranged financing for Kenneth Cole Productions, a prominent fashion brand. The funding will refinance existing debt and support future growth strategies as the company capitalizes on rebounding consumer demand post-pandemic. CIT's Asset-Based Lending initiative, with participation from WhiteHawk Capital Partners, is aimed at enhancing working capital through innovative structures to reduce costs and mitigate risks, leveraging collateral assets. Kenneth Cole is well-positioned to benefit from increasing consumer spending.

Positive

• CIT arranged financing for Kenneth Cole Productions to refinance existing debt and support growth.
• The funding reflects confidence in Kenneth Cole's brand strength and growth potential.
• CIT's innovative lending structures aim to reduce funding costs and lower operational risks.

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NEW YORK, April 5, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Asset-Based Lending business served as lead arranger on financing for Kenneth Cole Productions Inc., a renowned men's and women's fashion brand.

Headquartered in New York City and founded in 1982, Kenneth Cole Productions is known worldwide for its fashion products spanning the footwear, handbag, apparel and fragrance categories. This new financing – arranged by CIT with participation from WhiteHawk Capital Partners – will be used by the company to refinance existing debt and support future growth opportunities.

"With the global pandemic receding, Kenneth Cole Productions is well positioned for growth due to the continuing strength of consumer spending and demand for branded products," said Andrew Stokoe, chief financial officer at Kenneth Cole Productions. "We appreciate CIT's expertise in arranging this financing that will help us achieve our strategic business objectives."

"Kenneth Cole is an internationally recognized brand with strong performance and potential across a number of product categories," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "We were pleased to assist them in arranging this financing."

CIT's Asset-Based Lending business meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.

About CIT 
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

About WhiteHawk Capital Partners 
WhiteHawk Capital Partners, LP ("WhiteHawk") is a private credit investment manager focused on asset-based financing solutions to middle market public and private companies across a variety of industries. WhiteHawk provides senior secured financings under a variety of structures for purposes of refinancing, recapitalization, growth, acquisition, restructuring, bridge and DIP/emergence. For more information visit whitehawkcapital.com.

MEDIA RELATIONS:

CIT 
Lexa Tutela
212-461-5305 
Lexa.Tutela@firstcitizens.com

WhiteHawk Capital Partners 
Emily Straw 
estraw@fpa.com or info@whitehawkcapital.com

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SOURCE CIT, a division of First Citizens Bank

FAQ

What financing did CIT arrange for Kenneth Cole Productions?

CIT arranged financing to refinance existing debt and support growth opportunities for Kenneth Cole Productions.

What is the significance of CIT's financing for Kenneth Cole Productions?

The financing demonstrates confidence in Kenneth Cole's brand and allows them to capitalize on post-pandemic consumer demand.

Who participated in the financing alongside CIT?

WhiteHawk Capital Partners participated in the financing arrangement with CIT.

What sector does Kenneth Cole Productions operate in?

Kenneth Cole Productions operates in the fashion industry, offering products like footwear, handbags, apparel, and fragrances.

What is First Citizens BancShares, Inc.'s stock symbol?

First Citizens BancShares, Inc.'s stock symbol is FCNCA.