11/15/2022
Citizens leads $600 million credit facility for Monro, Inc.
Facility will be used to refinance debt, fund acquisitions and for general corporate purposes
PROVIDENCE, R.I. – Citizens 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 1,300 stores and 80 franchised locations, in 32 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 was Lead Left Arranger, Bookrunner and Administrative Agent in the nine-bank group.
“We have been a longtime client and we appreciate the partnership with Pat Keffer and the team,” 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 us with the capital needed to execute our business strategy.”
“The Monro management team has established a durable track record of performance focusing on their customers, their colleagues and communities,” said Jerry Sargent, Northeast Regional Executive for Citizens. “Citizens greatly appreciates our long and continuing relationship with the Monro team 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.”
Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens 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 the Citizens website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $224.7 billion in assets as of September 30, 2022. 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 full-service customer contact center and the convenience of approximately 3,400 ATMs and approximately 1,200 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
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