NEW YORK, Nov. 30, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Asset-Based Lending business, part of the bank's Commercial Finance group, served as co-collateral agent on $75 million in financing for branded consumer products company Turning Point Brands Inc.
Based in Louisville, Kentucky, Turning Point Brands is a manufacturer, marketer and distributor of branded consumer products including alternative smoking accessories and consumables with active ingredients through its Zig-Zag and Stoker's brands. Turning Point Brand's products are available online and in more than 215,000 retail outlets in North America.
The off-balance sheet revolving line of credit is backed by both inventory and accounts receivable, with inventory serving as the primary collateral.
"We appreciated the agility and expertise of the Asset-Based Lending team in arranging this financing, which supports the pursuit of our strategic business objectives," said Louie Reformina, Chief Financial Officer for Turning Point Brands.
"We worked closely with Turning Point Brands to understand their requirements and develop a financing package to meet those objectives," said Chris Esposito, group head for Asset-Based Lending. "We look forward to continuing to work with this organization as they advance their business plan and goals."
First Citizens Asset-Based Lending, part of the company's Commercial Finance group, 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.
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 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. 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 First Citizens Bank