Citizens Bank provides $25M for N.H. LPG company

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.

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.

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“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.