CIT Serves as Sole Lender on $35 Million Credit Facility for D.P. Nicoli

Rhea-AI Summary

CIT, a division of First Citizens Bank, has announced its role as the sole lender for a $35 million senior secured credit facility for D.P. Nicoli Inc., which specializes in trench shoring rental equipment across California, Oregon, Washington, and Idaho. The funding will be utilized to refinance existing debt, restructure equity, and pursue growth opportunities. CIT's expertise in asset-based lending positions them well to support middle-market companies like D.P. Nicoli as they execute strategic initiatives.

Positive

• CIT's role as sole lender demonstrates confidence in D.P. Nicoli's business model.
• The credit facility allows D.P. Nicoli to refinance debt and restructure equity, potentially stabilizing finances for growth.

Negative

• None

NEW YORK, Feb. 2, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Asset-Based Lending business served as sole lender on a $35 million senior secured credit facility for D.P. Nicoli Inc.

D.P. Nicoli is a leading provider of trench shoring rental equipment to public utilities, municipalities and contractors in California, Oregon, Washington and Idaho. The rentals include steel and aluminum trench shields, hydraulic shoring, steel plates, slide rail, pipe plugs and other equipment used to provide safety to underground construction companies.

The credit facility will be used to refinance existing debt, restructure the company's equity and pursue growth opportunities.

"CIT is well-known for its expertise in asset-based lending for middle market businesses and we appreciated their agility in helping to arrange this financing as our company executes on its strategic initiatives," said Dave Nicoli, President of D.P. Nicoli.

"D.P. Nicoli is a leader in trench shoring equipment rentals that enable safe and efficient construction below ground level," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "The company is in an attractive position to leverage asset-based lending and we were pleased to assist with 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.

MEDIA RELATIONS: 
John M. Moran
212-461-5507
John.Moran2@firstcitizens.com

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the purpose of the $35 million credit facility provided by CIT to D.P. Nicoli?

The credit facility will be used to refinance existing debt, restructure equity, and pursue growth opportunities.

What type of equipment does D.P. Nicoli specialize in renting?

D.P. Nicoli specializes in trench shoring rental equipment, including steel and aluminum trench shields.

What markets does D.P. Nicoli serve?

D.P. Nicoli provides services in California, Oregon, Washington, and Idaho.

Who is the parent company of CIT?

CIT is a division of First Citizens Bank, the largest family-controlled bank in the U.S.

What is the significance of CIT's asset-based lending expertise?

CIT's expertise helps clients reduce funding costs and lower operational risks, improving their overall financial performance.