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Citizens Leads $600MM Credit facility for Monro

November 16, 2022, 07:50 AM
Filed Under: Automotive
Related: Citizens Bank, Inc.

Citizens 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.”

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