CIT Northbridge Serves as Agent on $65 Million Financing for Leading Sustainable Apparel Retailer Everlane

Rhea-AI Summary

CIT Northbridge Credit has arranged a $65 million revolving credit facility for Everlane, a retailer focused on sustainable apparel. This financing will support Everlane's growth through new stores and product expansion, enhancing its sustainability mission. Everlane, founded in 2011, operates primarily online and through 10 retail locations across the U.S. The partnership reflects CIT Northbridge's commitment to supporting companies in the apparel sector, particularly with the growing emphasis on environmental impact.

Positive

• Secured a $65 million revolving credit facility to support growth.
• Funding will facilitate new store openings and product expansion.
• Partnership aligns with rising sustainability trends in apparel.

Negative

• None.

NEW YORK, Sept. 15, 2022 /PRNewswire/ -- CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as agent on a $65 million revolving credit facility for Everlane, Inc., a leading retailer of sustainable apparel, accessories and footwear in the U.S.  

Founded in 2011 and based in San Francisco, Everlane aims to deliver high-quality and ethically sourced items at affordable price points. The company sells products primarily through its e-commerce website, as well as its 10 retail stores in New York, Massachusetts, Texas, Washington, California, District of Columbia and Pennsylvania.

"This financing will provide acceleration for our business through new stores and product expansion and allow us to continue to extend our mission of sustainability at a much-needed time in the world," said Michael Preysman, founder of Everlane. "We are proud to partner with CIT Northbridge and appreciate their expertise and partnership in this next chapter."

"With the trends we're observing in the apparel space and the heightened focus on sustainability and environmental impact, we are pleased to work with Everlane to be on the front lines of this transformation," said Neal Legan, who leads CIT Northbridge. "We are excited to add this financing to our portfolio and look forward to supporting Everlane's future endeavors."

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.

MEDIA RELATIONS:
Lexa Tutela
212-461-5305
Lexa.Tutela@firstcitizens.com 

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the significance of the $65 million financing for FCNCA?

The $65 million financing for Everlane, facilitated by CIT Northbridge Credit, will accelerate business growth and support new store openings.

How does the financing impact Everlane's sustainability mission?

The financing will enhance Everlane's ability to expand its product offerings while continuing its focus on sustainable practices.

Who is leading the financing for Everlane?

CIT Northbridge Credit, a division of First Citizens Bank (FCNCA), is serving as the agent for the financing.

When was the financing for Everlane announced?

The financing was announced on September 15, 2022.

How does CIT Northbridge Credit support middle-market companies?

CIT Northbridge Credit provides flexible asset-based debt solutions, offering loans ranging from $15 million to $150 million.