Monro, a provider of automotive undercar repair and tire services, completed a $600 million revolving line of credit, which amends and extends an existing $600 million credit facility. The amendment changes the current LIBOR interest rate calculation on borrowings to 0.10% over SOFR and extends the original expiration date from 2024 to 2027.
The amended facility 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 are pleased to have secured an extension to our existing credit facility and we appreciate the support of our banking partners, including Citizens. The extended facility underscores their confidence in our business and our management team. We have a strong financial position allowing us to execute on our growth strategy and maintain our balanced approach to capital allocation,” Brian D’Ambrosia, CFO of Monro, said.
“The Monro management team has established a durable track record of performance focusing on their customers, their colleagues and communities,” Jerry Sargent, Northeast regional executive for Citizens, said. “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.”
The amendment and extension are effective Nov. 10, 2022.
