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Citizens leads $600 million credit facility for Monro
Citizens leads $600 million credit facility for Monro
Citizens is leading a $600 million senior secured credit facility for Monro Inc.
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 was lead left arranger, bookrunner and administrative agent in the nine-bank group.
Founded in 1957, Monro provides a range of automotive undercar repair and tire services in the United States.
The company operates more than 1,300 stores and 80 franchised locations in 32 states, serving the Mid-Atlantic and New England regions and portions of the Great Lakes, Midwest and Southeast.
“The Monro management team has established a durable track record of performance focusing on their customers, their colleagues and communities,” said Jerry Sargent, Northeast regional executive for Citizens, in a statement.
On Oct. 27, the Rochester-based firm reported a drop in year-over-year second-quarter sales as consumers opted for lower-priced tire options and put off undercar maintenance.
Sales dipped 5.1 percent to $329.8 million, compared to $347.7 million for the second quarter of the prior year. The total sales decline of $17.9 million was due primarily to the divestiture of the company’s wholesale tire and distribution assets.
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