Citizens served as sole lead arranger for $325 million in senior secured credit facilities for Massachusetts-based W.B. Mason.
Founded in 1898, W.B. Mason is a privately-held business-to-business office products dealer in the United States and has been a Citizens client for more than 35 years.
The new senior secured credit facilities include a $275 asset-based revolving credit facility and a $50 million first in, last out facility, which was well received in the market, reflecting the company’s strong operational and financial performance during the COVID-19 pandemic. W.B. Mason will use the funds to repay existing debt and to support future growth.
“Citizens has been a longtime strategic and financial partner,” Leo Meehan, CEO and owner of W.B. Mason, said. “We value the solutions that our trusted advisors at Citizens bring to the table and their dedication to our success.”
“We were able to provide an attractive new capital structure that allowed the W.B. Mason team to meet their strategic objectives,” Jerry Sargent, Northeast regional executive at Citizens, said. “Providing asset-based lending facilities is just one of the ways that Citizens delivers value for clients at every stage of their business life cycle.”
