Press release
First Citizens Bank Arranges Credit Facility Upsize for SG Credit Partners' ABL Verticals
NEW YORK, Sept. 3, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Asset-Based Lending business served as lead arranger in upsizing the
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"NEW YORK, Sept. 3, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Asset-Based Lending business served as lead arranger in upsizing the credit facility for SG Credit Partners' asset-based lending verticals comprised of SG Consumer Products and SG Commercial Finance, which focus on sponsor-backed CPG companies and the general lower middle market, respectively.\n\n \n \n \n \n \n \n\n \nThe upsize increases the credit facility to support SG Credit's recent addition of its Commercial Finance division as part of its broader growth strategy of focusing on new lending verticals. SG Credit Partners is a family-office backed lender with a broad credit platform consisting of three verticals: Software + Technology, Consumer Products and Commercial Finance.\nThe First Citizens Asset-Based Lending team has worked closely with SG Credit over several years to support their financing needs. \"First Citizens ABL is well known as a premier bank with strong lender finance capabilities,\" said Ryan Woody, COO at SG Consumer Products. \"We appreciated their expertise and agility in arranging additional financing capacity to meet our unique requirements.\"\n\"SG Credit Partners is continuing its growth trajectory, leveraging its proven ability to develop a well-structured portfolio,\" said Chris Esposito, managing director and group head for First Citizens Asset-Based Lending. \"We're pleased to continue supporting them as they advance toward their business objectives.\"\nFirst Citizens' Asset-Based Lending business works to meet clients' working capital needs by offering innovative structures that can help reduce funding costs and lower operational risks while helping to improve earnings by leveraging accounts receivable, inventory or fixed assets as collateral.\nAbout First Citizens BankFirst Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., 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 eve...