First Citizens Bank’s maritime finance business, part of the bank’s CIT division, served as sole lead arranger on $44.2 million in debt financing secured by product tankers for Navios Maritime Partners, which will use proceeds from the financing to refinance existing debt.

“We previously worked closely with [CIT Maritime Finance] and we have come to value their expertise in arranging financing,” Eri Tsironi, CFO of Navios Partners, said.

“Navios Partners is admired for their operational and investment expertise in a diverse group of maritime vessels,” Evan Cohen, managing director and group head of maritime finance at First Citizens Bank, said. “We appreciate the opportunity to support them and look forward to doing business with them in the future.”