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Citizens Commercial Banking Leads $600MM Credit Facility for Monro, Inc.

May 03, 2019, 09:05 AM
Filed Under: Automotive

Citizens Commercial Banking announced  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.

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