NEW YORK, February 2, 2022 /PRNewswire/ — CIT, a division of First Citizens Bank, today announced that its asset-backed lending business is serving as the sole lender on a $35 million senior secured credit facility for DP Nicoli Inc.
DP Nicoli is a leading supplier of trench shoring rental equipment to utilities, municipalities and contractors in California, Oregon, Washington and Idaho. Rentals include steel and aluminum trench shields, hydraulic shoring, steel plates, slides, pipe plugs and other equipment used to keep underground construction businesses safe.
The credit facility will be used to refinance existing debt, restructure the company’s equity and pursue growth opportunities.
“CIT is well known for their expertise in asset-based lending for mid-market companies and we appreciated their agility in helping arrange this financing as our company executes on its strategic initiatives,” said Dave NicoliPresident of DP Nicoli.
“DP Nicoli is a leader in the rental of trench shoring equipment that enables safe and efficient below-grade construction,” said Chris Esposito, Managing Director and Group Head for CIT’s Asset-Based Lending business. “The company is in an attractive position to take advantage of asset-based lending and we were delighted to assist with this financing.”
CIT’s asset-based financing business meets clients’ working capital needs by providing innovative structures that reduce financing costs and operational risks while enhancing revenue by leveraging accounts receivable, inventory or fixed assets. as a guarantee.
CIT is a division of First Citizens Bank, the largest family bank in United States, carrying on a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is one of the top 20 U.S. financial institutions with more than $100 billion in assets. The Company’s Commercial Banking segment provides a wide range of premier lending, leasing and banking services to medium 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 deep expertise that helps businesses and individuals achieve their specific goals at every stage of their financial journey. Find out more at cit.com/firstcitizens.
John M. Moran
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SOURCE CIT, a division of First Citizens Bank