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CIT Northbridge Credit Refinances and Upsizes $45 Million Credit Facility with Tubular Synergy
First Citizens Bank today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, has provided $45 million to refinance and upsize a secured credit facility for Tubular Synergy Group LP, a privately held sales, marketing and supply chain services distributor.
Founded in 2008 and headquartered in Dallas, Texas, Tubular Synergy Group provides casing, tubing, and line pipe products for the energy industry.
“Demand for our tubular products has been steadfast while inflationary pressure has altered our costs, which compelled us to upsize our credit facility,” said W. Byron Dunn, CEO of Tubular Synergy. “We appreciated the seasoned expertise of the CIT Northbridge team in providing financing as we continue to deliver value to our customers.”
“Tubular Synergy has a long and distinguished history of providing clients with outstanding products and services. We were pleased to deliver the financing needed to support their ongoing operations and future growth,” said Neal Legan, who leads the team that advises CIT Northbridge.
CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.
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