API Heat Transfer receives $60 million commercial loan

CHEEKTOWAGA – Citizens Bank has announced that their commercial banking division was instrumental in securing a multi-million dollar loan for a Cheektowaga based company.

API Heat Transfer Company of 2777 Walden Avenue has been lent a $60 million senior secured credit facility by the bank.

“The industry expertise that the Citizens team brought to our transaction made for a seamless and timely execution, especially given a compressed timeframe to close the transaction,” said Tom Strauss, Chief Financial Officer of API Heat Transfer Company. “We greatly value our partnership with Citizens.”

The new client of Citizens Bank will use the funds to refinance existing debt and for general corporate purposes according to a media release by the bank.

“At Citizens, we try to think about the needs of our clients from their point of view and offer holistic solutions,” said Ted Smith, Western New York Market Executive, Citizens Bank. “Partnering with our Business Capital product team, we were able to provide a timely solution for API Heat Transfer Company. Providing asset-based lending solutions is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”

API Heat Transfer Company through its operating subsidiaries is a global leader in the design and manufacture of a wide range of specialty heat exchangers and heat transfer solutions with manufacturing facilities in the United States, Germany, the United Kingdom, and China.

Citizens Bank is the sole arranger and administrative agent.

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