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Citizens Leads Lenders in $600MM Facility for Monro Muffler Brake

February 10, 2016, 07:58 AM
Filed Under: Automotive

Citizens Bank announced  that Citizens Commercial Banking is leading a new $600 million senior secured credit facility for Rochester, N.Y.-based Monro Muffler Brake, Inc.

Founded in 1957, Monro Muffler Brake, Inc. provides a wide range of automotive undercar repair and tire services in the United States. As of December 26, 2015, Monro operated a chain of 1,031 company-operated stores in 25 states and is franchisor to 138 locations in 10 states.

The new $600 million revolver replaces an existing $250 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 nine-bank group.

“We have been a longtime client of Citizens Commercial Banking and we appreciate the partnership,” said Catherine D’Amico, Chief Financial Officer of Monro Muffler Brake, Inc.  “The Citizens team brings great ideas and seamless execution to every transaction. They were able to upsize our credit facility to provide Monro with the capital it needs to execute its business strategy.”

“Monro Muffler Brake 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 Daniel K. Fitzpatrick, Head of National Mid-Corporate and Industry Verticals at Citizens Commercial Banking.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $138.2 billion in assets as of December 31, 2015. 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.

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