Citizens Bank provides $23.1 million senior credit facility to Lytron, Inc.
BOSTON – Citizens Bank announced today that Citizens Commercial Banking has provided Woburn-based Lytron, Inc. with a new $15 million Revolving Line of Credit and an $8.1 million Commercial Real Estate Mortgage.
Lytron is an international supplier of liquid cooling and thermal management solutions to Original Equipment Manufacturers (OEMs).
A Citizens client since 2011, Lytron will use the funds to refinance existing debt and for general corporate purposes.
“Citizens is a great financial and strategic partner that brings smart ideas to every meeting and seamless execution to every deal,” said David Long, Chief Financial Officer of Lytron, Inc. “In addition to lowering our cost of capital, this transaction gives us enhanced flexibility and additional borrowing capacity for future strategic uses.”
“Lytron is an excellent client with a strong management team,” said Jerry Sargent, Massachusetts President of Citizens Bank. “Our bankers are very happy to have been able to combine local service delivery with the sophisticated banking capabilities needed by an international company like Lytron to help them achieve their strategic and financial goals.”
SOURCE: Citizens Bank