Citizens Leads $100 Million Asset-Based Credit Facility for Twin Rivers Paper Co.

PROVIDENCE, R.I. – Citizens announced today that it has provided a $100 million asset-based lending credit facility to Madawaska, Maine-based Twin Rivers Paper Company. Citizens is Lead Arranger and Administrative Agent.

Twin Rivers is an integrated paper company that produces packaging, label, kraft, publishing, and technical specialty papers as well as dimensional lumber. The funds will be used to refinance existing debt and for working capital.

“Citizens bankers are trusted partners who listened to us and brought great ideas and insights aligned with our strategic vision,” said Twin Rivers’ Chief Financial Officer Tyler Rajeski. “The Citizens team has deep knowledge of our industry and their close attention to detail made for a seamless execution.”

“We were able to provide a new credit facility that gives Twin Rivers management the financial flexibility to continue investing in its platform, reduces its cost of capital, and enables the execution of its sophisticated foreign exchange hedging program in partnership with our Global Markets team,” said Jerry Sargent, Northeast Market Executive, Citizens. “Providing credit facilities and foreign exchange stability are just some of the ways that Citizens can deliver substantial value for clients at every stage of their business life cycle.”

Citizens is a trusted strategic and financial partner, consistently delivering clear and objective advice. The Citizens approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.