Citizens Bank announced today that Citizens Commercial Banking has led $57.5 million in financing for Ipswich-based United Pipe and Steel Corp., an independent master distributor of steel pipe, copper tubing, plastic pipe, electrical conduit and related products. Citizens is the sole lead arranger.

The funds will be used by United Pipe and Steel Corp. to refinance existing debt.

“We greatly value our longtime partnership with Citizens Bank and appreciate the Citizens team’s excellent ideas and seamless deal execution,” said Greg Leidner, president and chief executive officer of United Pipe and Steel Corp. “We have been Citizens clients since 2004 and we look forward to continuing to work with the team in the future.”

“Our team listened to management and suggested options on how they might refinance the company’s debt to meet their strategic needs and better position the company for future growth,” said Jerry Sargent, president of Citizens Bank, Massachusetts. “Refinancing debt is just one of the ways that Citizens can help clients such as United Pipe and Steel Corp.”

Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.

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