05/02/2019
Citizens Commercial Banking leads $600 million credit facility for Monro, Inc.
Facility will be used to refinance debt, fund acquisitions and for general corporate purposes
ROCHESTER, N.Y. – Citizens Commercial Banking announced today that it is leading a $600 million senior secured credit facility for Rochester, N.Y.-based Monro, Inc.
Founded in 1957, Monro, Inc. provides a wide range of automotive undercar repair and tire services in the United States. The company operates more than 1,200 stores, has 98 franchised locations, eight wholesale locations and three retread facilities in 29 states, serving the Mid-Atlantic and New England regions and portions of the Great Lakes, Midwest and Southeast.
The new $600 million revolving line of credit amends and extends an existing $600 million credit facility and will be used to refinance debt, fund acquisitions, and for general corporate purposes.
Citizens Commercial Banking was Lead Left Arranger, Bookrunner, and Administrative Agent in the eight-bank group.
“We have been a longtime client of Citizens Commercial Banking and we appreciate the partnership,” said Brian D’Ambrosia, Chief Financial Officer of Monro, Inc. “The Citizens team brings great ideas and seamless execution to every transaction. They were able to provide Monro with the capital needed to execute our business strategy.”
“Monro has been a great client and we’re happy to be able to offer our industry expertise as well as our capital markets capabilities to help them achieve their strategic and financial goals,” said Jerry Sargent, Northeast Regional Executive for Citizens Commercial Banking.
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.
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 $161.3 billion in assets as of March 31, 2019. 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. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
