Citizens Leads $75 million Credit Facility for COPS Parent, Lydia Security Monitoring
Citizens Bank announced it is leading a new $75 million senior secured credit facility for Williamstown, N.J.-based Lydia Security Monitoring Inc. (Lydia), the parent company to COPS Monitoring, an independently owned provider of nationwide wholesale alarm monitoring and dealer services.
The new line of credit will be used for general corporate purposes. Citizens served as lead left arranger and administrative agent for the transaction.
“We have been a client of Citizens Commercial Banking for over 18 years and we appreciate the partnership,” said Robert A. Martino, CFO of COPS Monitoring. “Citizens recognized our potential early on and has been there every step of the way supporting and facilitating our growth. With their help, we have grown from a small facility to the largest company of our type in the United States. The Citizens team brings great ideas and seamless execution to every transaction.”
David Smith, director of marketing and communications, COPS Monitoring, said “Lydia plans to use this line of credit for general corporate purposes and to expand its presence in the market.”
Jim McMullen, COPS president and COO, added, "We are extremely pleased with our relationship with Citizens. Not only are they a premier bank and a wonderful partner that has supported our growth, they clearly understand the nuances of our industry. We look forward to many more successful years of doing business together."
Greg Buscone, senior vice president and market manager of specialized banking at Citizens Commercial Banking, said, “Lydia Security Monitoring has been a great client and we’re happy to be able to offer our expertise in security alarm industry financing along with our capital markets capabilities to help them achieve their strategic and financial goals.”