BOSTON (June 14, 2006) — Citizens Bank of Massachusetts and RBS Securities Corp. are providing a $160 million senior credit facility for specialty tire maker and distributor GPX International Tire Corp.
Malden, Mass.-based GPX said it is a longstanding customer of Citizens Bank, and is using the new credit facility to finance acquisitions and capital expenditures and to provide working capital for continued expansion.
Citizens Bank is the administrative agent and RBS is the sole lead arranger and bookrunner, according to a press statement. “We are pleased to continue our work with Citizens and RBS Securities Corporation as they together help us grow our business,” said Bryan Ganz, GPX Co-CEO and president. “They displayed financial flexibility and deep understanding of our business to help us achieve our goals.”
“Citizens Bank and RBS Securities Corporation are pleased to expand and deepen our strong relationship with GPX International Tire Corp. through this successful financing,” said Robert M. Mahoney, vice chairman, Citizens Financial Group. “GPX is a company that is dedicated to providing quality products to its customers. We believe in supporting businesses with the financing they need to grow their operations.”
GPX was formed in 2005 when Galaxy Tire & Wheel Inc. of Boston merged with Dynamic Tire Corp. of Toronto.
Citizens is the eighth-largest commercial banking company in the U.S., based on deposits as of last September. The bank is owned by RBS, the Royal Bank of Scotland Group P.L.C.