NEW YORK , April 5, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Asset-Based Lending business served as lead arranger on financing for Kenneth Cole Productions Inc., a renowned men's and women's fashion brand.
Headquartered in New York City and founded in 1982, Kenneth Cole Productions is known worldwide for its fashion products spanning the footwear, handbag, apparel and fragrance categories. This new financing – arranged by CIT with participation from WhiteHawk Capital Partners – will be used by the company to refinance existing debt and support future growth opportunities.
"With the global pandemic receding, Kenneth Cole Productions is well positioned for growth due to the continuing strength of consumer spending and demand for branded products," said Andrew Stokoe, chief financial officer at Kenneth Cole Productions. "We appreciate CIT's expertise in arranging this financing that will help us achieve our strategic business objectives."
"Kenneth Cole is an internationally recognized brand with strong performance and potential across a number of product categories," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "We were pleased to assist them in arranging 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.
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.
About WhiteHawk Capital Partners
WhiteHawk Capital Partners, LP ("WhiteHawk") is a private credit investment manager focused on asset-based financing solutions to middle market public and private companies across a variety of industries. WhiteHawk provides senior secured financings under a variety of structures for purposes of refinancing, recapitalization, growth, acquisition, restructuring, bridge and DIP/emergence. For more information visit whitehawkcapital.com.
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SOURCE CIT, a division of First Citizens Bank