Daily News: May 3, 2019

Citizens Agents $600MM Revolver for Monro

Citizens Commercial Banking is leading a $600 million senior secured credit facility for Rochester, NY- based Monro.

Founded in 1957, Monro, provides a wide range of automotive undercar repair and tire services in the U.S. 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, CFO of Monro. “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.”