First Citizens Bank Arranges $75 Million in Financing for Turning Point Brands
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Based in
The off-balance sheet revolving line of credit is backed by both inventory and accounts receivable, with inventory serving as the primary collateral.
"We appreciated the agility and expertise of the Asset-Based Lending team in arranging this financing, which supports the pursuit of our strategic business objectives," said Louie Reformina, Chief Financial Officer for Turning Point Brands.
"We worked closely with Turning Point Brands to understand their requirements and develop a financing package to meet those objectives," said Chris Esposito, group head for Asset-Based Lending. "We look forward to continuing to work with this organization as they advance their business plan and goals."
First Citizens Asset-Based Lending, part of the company's Commercial Finance group, 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 First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank
FAQ
What is the financing amount and who provided it for Turning Point Brands Inc. (TPB)?
Where is Turning Point Brands Inc. (TPB) based and what kind of products does it manufacture and distribute?
How many retail outlets carry Turning Point Brands Inc. (TPB) products?