05/13/2016
Citizens Bank provides $32 million senior credit facility to The Simonds Group
BOSTON – Citizens Bank announced today that Citizens Commercial Banking has provided Fitchburg-based The Simonds Group with $32 million in new financing.
Founded in 1832 and formerly known as Simonds Industries, Inc., the company manufactures cutting tools and related equipment for the industrial and wood products markets. The company offers bandsaw blades, hand files, circular saw blades, filing room equipment, sawmill knifes, veneer products, brush chipping knifes, sawblade maintenance supplies and bandsaw welders.
Citizens is Sole Lead Arranger on the $32 million financing, which is comprised of a $22 million term loan and two $5 million revolving credit facilities.
A Citizens client since 2000, The Simonds Group will use the funds to refinance debt and to provide working capital for continuing operations.
“We have a great relationship with Citizens and the bank is a great financial and strategic partner,” said Henry Botticello, Chief Financial Officer of The Simonds Group. “In addition to lowering our cost of capital, this transaction gives us enhanced flexibility and additional borrowing capacity going forward.”
“The Citizens team is very happy to be able to help The Simonds Group management achieve their strategic and financial goals,” said Jerry Sargent, Massachusetts President of Citizens Bank. “Simonds is led by experienced executives with deep industry knowledge and a proven track record.”
For more information, go to Citizens Commercial Banking.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $140.1 billion in assets as of March 31, 2016. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A. and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
