First Citizens Bank Arranges $44.2 Million of Debt Financing for Navios Maritime Partners L.P.

Rhea-AI Summary

First Citizens Bank announced the arrangement of $44.2 million in debt financing for Navios Maritime Partners L.P. through its Maritime Finance group. The financing, secured by product tankers, will enable Navios Partners to refinance existing obligations. Both companies expressed mutual appreciation for their collaboration and the expertise provided by Maritime Finance. First Citizens Bank, headquartered in Raleigh, N.C., is a leading family-controlled bank in the U.S., with over $100 billion in assets.

Positive

• Secured $44.2 million in debt financing for Navios Maritime Partners.
• Financing supports refinancing of existing debt for Navios Partners.

Negative

• None.

NEW YORK, Jan. 18, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt financing for Navios Maritime Partners L.P. ("Navios Partners"). Proceeds from the financing, which is secured by product tankers, will be used by Navios Partners to refinance existing debt.

"We previously worked closely with Maritime Finance and we have come to value their expertise in arranging financing," said Eri Tsironi, Chief Financial Officer of Navios Partners. 

"Navios Partners is admired for their operational and investment expertise in a diverse group of maritime vessels," said Evan Cohen, Managing Director and Group Head of Maritime Finance. "We appreciate the opportunity to support them and look forward to doing business with them in the future."

Maritime Finance, part of First Citizens' CIT division, offers customized solutions for secured loans to a global client base of vessel owners and operators.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens is the largest family-controlled bank in the United States, providing a unique legacy of strength, stability and long-term thinking that has spanned generations. We offer an array of general banking services including a network of 500-plus branches in 22 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. Discover more at firstcitizens.com.

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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-citizens-bank-arranges-44-2-million-of-debt-financing-for-navios-maritime-partners-lp-301724056.html

SOURCE CIT, a division of First Citizens Bank

FAQ

What amount of debt financing did First Citizens Bank arrange for Navios Maritime Partners?

First Citizens Bank arranged $44.2 million in debt financing for Navios Maritime Partners.

What is the purpose of the financing secured by Navios Maritime Partners?

The financing is intended to refinance existing debt for Navios Maritime Partners.

Which group of First Citizens Bank arranged the debt financing?

The debt financing was arranged by the Maritime Finance group of First Citizens Bank.

When was the debt financing for Navios Maritime Partners announced?

The debt financing was announced on January 18, 2023.

What is the financial status of First Citizens Bank?

First Citizens Bank has over $100 billion in assets and is the largest family-controlled bank in the United States.