First Citizens Bank today announced that its CIT Commercial Services subsidiary, a national leader in factoring, credit protection and accounts receivable management solutions, recently closed three major client financing transactions.
CIT Commercial Services closed a US$50m factoring facility, which provides availability against both accounts receivable and inventory, to a Midwest-based supplier of home comfort products that are sold through major ecommerce sites, big box stores and brick-and-mortar retailers. The facility replaced the client's ABL facility with a major bank and will increase the client's financial flexibility without any cumbersome financial covenants. Annual factoring volume is expected to exceed US$100m.
A California-based wholesaler of health and wellness products to national online retailers and store-based pharmacy chains received working capital financing and a factoring facility.
