First Citizens Bank Arranges $44.2 Million of Debt Financing for Navios Maritime Partners L.P.

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CIT, a division of First Citizens Bank

Jan 18, 2023, 09:00 ET

NEW YORK, Jan. 18, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Maritime Finance group, part of the CIT division, served as sole lead arranger on $44.2 million in debt financing for Navios Maritime Partners L.P. ("Navios Partners"). Proceeds from the financing, which is secured by product tankers, will be used by Navios Partners to refinance existing debt.

"We previously worked closely with Maritime Finance and we have come to value their expertise in arranging financing," said Eri Tsironi, Chief Financial Officer of Navios Partners.

"Navios Partners is admired for their operational and investment expertise in a diverse group of maritime vessels," said Evan Cohen, Managing Director and Group Head of Maritime Finance. "We appreciate the opportunity to support them and look forward to doing business with them in the future."

Maritime Finance, part of First Citizens' CIT division, offers customized solutions for secured loans to a global client base of vessel owners and operators.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens is the largest family-controlled bank in the United States, providing a unique legacy of strength, stability and long-term thinking that has spanned generations. We offer an array of general banking services including a network of 500-plus branches in 22 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. Discover more at firstcitizens.com.

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SOURCE CIT, a division of First Citizens Bank