Lydia receives $75 million
WILLIAMSTOWN, N.J.—Lydia Security Monitoring, the parent company of COPS Monitoring, received a $75 million credit facility from Citizens Bank, the bank announced Jan. 25.
“Lydia plans to use this line of credit for general corporate purposes and to expand its presence in the market,” David Smith, COPS' director of marketing and communications, told Security Systems News, in an email interview.
Citizens served as lead left arranger and administrative agent for the transaction.
Jim McMullen, COPS president & COO, told SSN in an email interview, "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, SVP and market manager of specialized banking at Citizens Commercial Banking, told SSN, “We put together that credit facility for them with our capital markets group. It’s a long-term relationship that we’ve had with Lydia, that we’ve grown with them over the years, from a sole bank relationship to this syndicated facility that we’ve put together to help them do this major acquisition.” The companies have worked together for 18 years.
This facility is similar to ones that the bank has lead for Lydia in the past, Buscone said.