Citizens Commercial Banking acted as joint lead arranger of a $240 million refinancing for Quincy, MA-based Bay State Milling Company.

The transaction, which includes a $150 million revolving line of credit, $45 million term loan and $45 million delayed draw term loan, refinances a 2013 loan. Rabobank acted as joint lead arranger and administrative agent on the transaction.

“Citizens’ bankers demonstrated a strong understanding of our strategy, translated our needs into an effective financing structure and executed the deal seamlessly,” said Peter Banat, CFO of Bay State Milling Company. “This transaction lowers our cost of capital, increases our flexibility and provides additional borrowing capacity for our strategic needs.”

“Bay State Milling is a great client with a strong management team,” said Jerry Sargent, Massachusetts president of Citizens Bank. “Our bankers are very happy to have been able to help the Bay State Milling team achieve their strategic and financial goals.”

Founded in 1899, Bay State Milling is a family-owned plant-based grain manufacturer and distributor with operations in eight states.