CIT Northbridge Serves as Administrative Agent on $75 Million Revolving Credit Facility

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First Citizens Bank (FCB) announced that CIT Northbridge Credit, advised by First Citizens Institutional Asset Management LLC, provided a $75 million revolving credit facility for Stella & Chewy's LLC (SC). Stella & Chewy's offers premium natural pet food, including freeze dried dinner patties, meal mixers, frozen patties and morsels, baked and extruded kibble, stews, broths, and treats. The financing will support working capital needs and other corporate purposes. SC's CFO, Dean Nolden, expressed gratitude for the financing, citing growing customer demand. Neal Legan, leading the CIT Northbridge team, highlighted SC's potential for growth.

RALEIGH, N.C., Dec. 5, 2023 /PRNewswire/ -- First Citizens Bank today announced that CIT Northbridge Credit, as advised by First Citizens Institutional Asset Management LLC, served as administrative agent on a $75 million revolving credit facility for Stella & Chewy's LLC.

Headquartered in Oak Creek, Wisconsin, Stella & Chewy's provides high quality, premium natural pet food with an emphasis on raw nutrition, palatability, safety and all natural ingredients. Its dog and cat products include freeze dried dinner patties and meal mixers, frozen patties and morsels, baked and extruded kibble, stews, broths and treats. The financing will be used to support working capital needs and other corporate purposes.

"Our company continues to experience growing demand from customers for our premium natural pet food products," said Dean Nolden, Chief Financial Officer of Stella & Chewy's. "We appreciated the expertise of the CIT Northbridge team in arranging this financing as we continue to grow to support our customers."

"Stella & Chewy's is well positioned for continued growth and we were pleased to work closely with them to arrange this financing to help advance their business objectives," said Neal Legan, who leads the team that advises CIT Northbridge.

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 First Citizens Institutional 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 First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com

 

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SOURCE First Citizens Bank

FAQ

What is the name of the company that provided the credit facility for Stella & Chewy's LLC?

First Citizens Bank (FCB) provided the $75 million revolving credit facility for Stella & Chewy's LLC (SC).

What type of products does Stella & Chewy's LLC offer?

Stella & Chewy's offers freeze dried dinner patties, meal mixers, frozen patties and morsels, baked and extruded kibble, stews, broths, and treats for dogs and cats.

What will the financing be used for?

The $75 million financing will support Stella & Chewy's working capital needs and other corporate purposes.

Who expressed appreciation for the financing provided by CIT Northbridge Credit?

Stella & Chewy's CFO, Dean Nolden, expressed gratitude for the financing provided by CIT Northbridge Credit.

Who leads the team that advised CIT Northbridge?

Neal Legan leads the team that advises CIT Northbridge.

What is the range of loan commitments provided by CIT Northbridge Credit?

CIT Northbridge provides revolving and term loan commitments from $15 million to $150 million to middle-market companies across various industries and business cycles.