CIT Northbridge Provides Financing to Mohawk Fine Papers

Rhea-AI Summary

CIT Northbridge Credit, part of First Citizens Bank, announced financing for Mohawk Fine Papers, North America's largest privately held premium paper manufacturer. The funds will refinance existing debt and provide working capital for strategic initiatives. Mohawk, family-owned since 1931, is known for its innovative and sustainable paper products. CFO Casey Rosenzweig praised CIT's flexibility in designing a financing package to support their growth. Neal Legan from CIT emphasized Mohawk's legacy and experienced management as key factors in their financing commitment.

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• CIT Northbridge Credit provided financing to Mohawk Fine Papers, enhancing its capital structure.
• The financing is aimed at refinancing existing debt and supporting strategic growth initiatives.

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• None.

NEW YORK, Sept. 22, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, provided financing to Mohawk Fine Papers, the largest privately held premium paper manufacturer in North America. The financing will be used to refinance existing debt and provide working capital to support strategic initiatives and future endeavors.

Founded in 1931, Mohawk Fine Papers, Inc, is family owned and operated, manufacturing some of the world's most recognized specialty papers for designers, consumer brands, and printers globally. Mohawk's early innovation in digital printing and sustainability has secured its leadership position in these two significant growth sectors. Crane Stationery is also a business unit of Mohawk, producing some of the finest social stationery products. 

"Mohawk worked closely with CIT Northbridge to design a financing package that supports our business goals for growth and vision," said Casey Rosenzweig, CFO & SVP at Mohawk Fine Papers. "We were impressed with CIT's experience, creativity and flexibility throughout the financing process and look forward to a long relationship."

"Mohawk Fine Papers' 90-year legacy of innovation and craftsmanship, global brand equity, and highly experienced management team were all driving factors in our commitment to support a long-term financing solution," said Neal Legan, who leads CIT Northbridge. "We're pleased to provide a finance package that supports their business plans and growth."

CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.

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 550 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 Mohawk

Mohawk is North America's largest privately-owned manufacturer of fine papers and envelopes which are preferred for commercial and digital printing, photo specialties and high-end direct mail. Mohawk fine papers and envelopes include the signature brands Mohawk Superfine®, Crane Lettra® Strathmore®, and Renewal®, as well as proprietary treatments Inxwell® and i-Tone®. With a culture of innovation reaching back to its beginning in 1931, Mohawk is committed to providing materials that help make every printed project more beautiful, effective, and memorable. Crane Stationery is also a business unit of Mohawk, producing some of the finest social stationery products. As a leader in environmentally and socially responsible business practices, Mohawk was the first U.S. manufacturer of commercial printing papers to match 100% of its electricity with wind power renewable energy credits and the first U.S. premium paper mill to shift toward carbon neutral production. Mohawk's portfolio of recycled papers is certified by Green Seal and the Forest Stewardship Council (FSC). Mohawk is a fourth-generation, family-owned and operated business based in Cohoes, New York, with global sales and operations located throughout North America, Europe, and Asia. To learn more, please visit www.mohawkconnects.com.

MEDIA RELATIONS:

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

Mohawk
Melissa Stevens
Melissa.Stevens@mohawkpaper.com 

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What financing was provided to Mohawk Fine Papers by CIT Northbridge?

CIT Northbridge Credit provided financing to Mohawk Fine Papers to refinance existing debt and support working capital for growth.

How does the financing from CIT Northbridge impact Mohawk Fine Papers?

The financing is expected to enhance Mohawk's capital structure and support its strategic initiatives.

Who is CIT Northbridge Credit?

CIT Northbridge Credit is a financial partner that supports middle-market companies with flexible asset-based debt solutions.

What is the significance of Mohawk Fine Papers in the market?

Mohawk Fine Papers is the largest privately held premium paper manufacturer in North America, known for its innovative and sustainable products.

When was the financing for Mohawk Fine Papers announced?

The financing for Mohawk Fine Papers was announced on September 22, 2022.