CIT Northbridge Credit Provides $45 Million to MacPherson's

Core Insights - First Citizens Bank announced a $45 million revolving credit facility provided by CIT Northbridge Credit to MacPherson's, the largest creative materials distributor in North America [1][2]. Company Overview - MacPherson's distributes over 50,000 products from more than 200 brands to retailers globally and is headquartered in Suwanee, Georgia, with warehouses in Suwanee and Reno, Nevada [2]. - The CEO of MacPherson's, Dave Schofield, expressed appreciation for CIT Northbridge Credit's expertise and agility in creating a financial package to support the company's growth objectives [2]. Financial Partnership - CIT Northbridge Credit is recognized for supporting middle-market companies with flexible asset-based debt solutions, offering revolving and term loan commitments ranging from $15 million to $150 million [3]. - The partnership aims to facilitate MacPherson's strategic initiatives, leveraging CIT Northbridge Credit's experience in the creative materials industry [3]. First Citizens Bank Overview - First Citizens Bank, headquartered in Raleigh, N.C., offers a wide range of banking services, including commercial banking and innovation banking, with over 500 branches across 30 states [4]. - The parent company, First Citizens BancShares, Inc., is a top 20 U.S. financial institution with assets exceeding $200 billion [4].