NEW YORK, Feb. 2, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Asset-Based Lending business served as sole lender on a $35 million senior secured credit facility for D.P. Nicoli Inc.
D.P. Nicoli is a leading provider of trench shoring rental equipment to public utilities, municipalities and contractors in California, Oregon, Washington and Idaho. The rentals include steel and aluminum trench shields, hydraulic shoring, steel plates, slide rail, pipe plugs and other equipment used to provide safety to underground construction companies.
The credit facility will be used to refinance existing debt, restructure the company's equity and pursue growth opportunities.
"CIT is well-known for its expertise in asset-based lending for middle market businesses and we appreciated their agility in helping to arrange this financing as our company executes on its strategic initiatives," said Dave Nicoli, President of D.P. Nicoli.
"D.P. Nicoli is a leader in trench shoring equipment rentals that enable safe and efficient construction below ground level," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "The company is in an attractive position to leverage asset-based lending and we were pleased to assist with 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.
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SOURCE CIT, a division of First Citizens Bank