NEW YORK, Sept. 7, 2023 /PRNewswire/ -- First Citizens Bank today announced that CIT Northbridge Credit, as advised by First Citizens Institutional Asset Management, LLC, provided a $55 million revolving credit facility to National CineMedia LLC to support their emergence from Chapter 11 bankruptcy.
National CineMedia operates the largest national cinema advertising platform in North America, delivering premier video and digital marketing solutions to local and national clients. The company recently completed a financial restructuring process and emerged from Chapter 11 bankruptcy after facing significant challenges due to movie theater closures and limited movie releases during the COVID-19 pandemic.
"We appreciate the streamlined financing process employed by CIT Northbridge," said Ronnie Ng, Chief Financial Officer at National CineMedia, Inc. "CIT Northbridge understands our unique market position and developed financing tailored to our needs and our renewed focus on providing best-in-class advertising solutions and innovative data technology to our customers."
"National CineMedia's strategic growth plans are reinforced by their nationwide footprint, competitive service offerings and strong industry partnerships," said Neal Legan, who leads the team that advises CIT Northbridge. "We are pleased to provide this financing to support National CineMedia's business endeavors."
CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by First Citizens Institutional Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.
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. Discover more at firstcitizens.com.
SOURCE CIT, a division of First Citizens Bank