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.
Sargenti, who founded the company in 1988, explained to SDM that the deal came together very efficiently with Citizens Bank managing the lender syndication process. “This syndication includes U.S. Bank as a co-lead with Citizens Bank, BMO Harris Bank, Capital One, One West Bank, and the Bank of Oklahoma. The total senior secured credit facility is currently at $150 million with a sub-debt tier of $25 million [of unsecured subordinated debt financing to complement the senior credit facility] provided by Prospect Capital,” he said.