First Citizens Bank’s 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.
Based in Louisville, KY, 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,” Louie Reformina, CFO for Turning Point Brands, said.
“We worked closely with Turning Point Brands to understand their requirements and develop a financing package to meet those objectives,” Chris Esposito, group head for asset-based lending of First Citizens Bank, said. “We look forward to continuing to work with this organization as they advance their business plan and goals.”
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