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.