RALEIGH, N.C., Aug. 23, 2023 /PRNewswire/ -- First Citizens Bank today announced that it served as syndication agent, joint lead arranger and joint bookrunner on a $400 million senior credit facility for Alex Lee Inc. The five-year revolving credit facility refinanced existing debt and increased the facility size to support the company's continued business growth.
Alex Lee Inc. is a family-owned and operated company based in Hickory, North Carolina whose portfolio of wholesale food distribution and retail grocery store brands includes Merchants Distributors, Souto Foods, Lowes Foods and W. Lee Flowers & Company. The company has completed several acquisitions and expansions in recent years, widening its distribution network and retail footprint.
"We appreciate the role that First Citizens played in arranging financing to support our continued growth in the grocery wholesale and supermarket industries," said Brian George, president & CEO at Alex Lee Inc. "We've enjoyed working with First Citizens in the past and they've again demonstrated their knowledge and efficiency in the financing process."
"We are pleased to provide this financing to Alex Lee Inc., a company that First Citizens has supported since 2016," said Brendan Chambers, who heads the First Citizens Middle Market Banking team. "Alex Lee's strategic leadership, innovative vision and community focus have driven strong historical growth, and we look forward to further strengthening our relationship with this valuable client in the future."
First Citizens delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, 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 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.
SOURCE First Citizens Bank