Citizens Bank provides $21.5 million credit facility to Specialty Commerce Corp.

BOSTON – Citizens Bank announced today that Citizens Commercial Banking is providing a $21.5 million credit facility to West Bridgewater-based Specialty Commerce Corp. Citizens is the sole lender.

Specialty Commerce Corp. is a direct to consumer catalog and Internet retailer of niche hair products (wigs and extensions) and apparel in the United States and United Kingdom and home study courses for medical/dental professionals in the United States. Founded in 1978, SCC has more than 350 employees and distributes more than 26 million catalogs annually.

A new client for Citizens, SCC will use the $21.5 million credit facility to refinance existing debt. The company is also choosing Citizens for its cash management and corporate card services.

“The Citizens team brought great ideas to the table and executed this transaction seamlessly,” said Peter Tulp, Chief Financial Officer and Chief Operating Officer of Specialty Commerce Corp. “This deal significantly reduced our debt service and we look forward to working more with Citizens in the future.”

“Specialty Commerce Corp. is a great new client for Citizens and we’re very happy to help them achieve their strategic and financial goals,” said Jerry Sargent, Massachusetts President of Citizens Bank. “Citizens works hard to deliver value for clients at every stage of their business life cycle.”

The Citizens Commercial Banking team leads by putting clients first and offering the solutions that help them make the best decisions throughout the life cycle of their business. Combining the personal attention of a smaller bank with the sophisticated capabilities of a major financial institution, Citizens aims to be a go-to strategic and financial partner by offering unrivaled industry expertise, great ideas and seamless deal execution.