Boston, MA According to Citizens Bank, Citizens Commercial Banking acted as Joint lead arranger of a $240 million refinancing for Quincy-based Bay State Milling Company. Founded in 1899, Bay State Milling is the largest family-owned plant-based grain manufacturer and distributor in the United States with operations in eight states.
The transaction, which includes a $150 million revolving line of credit, $45 million term loan and $45 million delayed draw term loan, refinances one from 2013.
“We have an excellent relationship with the Citizens team. 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, chief financial officer 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.”
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $140.1 billion in assets as of March 31, 2016. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.