Citizens Bank Leads Six-Bank Syndicate to Provide New Senior Secured Credit Facility to Safe Security
Paul Sargenti, president and CEO of SAFE Security, ranked #21 on the SDM 100 list, San Ramon, Calif., announced that Citizens Bank, N.A. (“Citizens Bank”) led a six-bank syndicate that has refinanced SAFE Security’s senior secured credit facility. The new $150 million senior facility is co-led by Citizens Bank, as lead left arranger and administrative agent and U.S. bank as co-lead arranger and syndication agent. Prospect Capital provided $25 million of unsecured subordinated debt financing to complement the senior credit facility.
“In concert with our equity partners at ICV, this expansion of our senior credit facility will provide the capital that SAFE needs to execute its long-term growth strategy and stay on track with strategic acquisitions and geographic expansion,” said Sargenti, who founded the company in 1988. “It also gives us financial flexibility to provide the finest security services and monitoring to our customers nationwide.”
Greg Buscone, senior vice president and Market Manager of Specialized Banking at Citizens Commercial Banking, the commercial banking division of Citizens Financial Group, added, “SAFE Security has a great business and we’re excited to be able to offer our expertise in security alarm industry financing along with our capital markets capabilities to help them achieve their financial goals. “SPP Advisors was retained by SAFE Security to provide investment banking and advisory services.”