PROVIDENCE – Citizens Bank this month provided $25 million in working capital to a New Hampshire-based liquefied petroleum gas company.
The credit facility was provided to Sea-3 LLC, a wholesale storage and distribution terminal operator of LPG on the Piscataqua River in the Granite State. The funding will go toward purposes of working capital.
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Sea-3 is an affiliate of Blackline Marketing LLC, who acted as co-borrower in the deal. The financing happened in conjunction with the formation of Blackline Marketing, a venture between TPG Sixth Street Partners and Blackline Partners.
Citizens was the only lender.
“Citizens bankers have served as trusted financial and strategic advisers,” said Mike Day, CEO of Blackline Midstream.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
