Recently, Save A Lot has made efforts to shore up its finances by cutting a deal with a substantial majority of its lenders to recapitalize the business and deleverage its balance sheet.
Citizens Commercial Banking has revealed that it’s the lead left arranger on a $150 million asset-based revolver for St. Ann, Missouri-based Moran Foods LLC, which owns and operates Save A Lot, one of the largest discount grocery chains in the United States.
“We appreciate the opportunity to work with the Citizens team, whose personal commitment has been felt throughout this process,” said Kenneth McGrath, CEO of Save A Lot. “Citizens bankers are experienced, trusted advisors who bring great ideas to the table. We greatly value their advice and the results that the Citizens team delivers.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer holistic solutions,” noted Jaime Ward, head of retail finance at Providence, Rhode Island-based Citizens. “We were able to provide a great solution for Save A Lot that offered them a more flexible capital structure. Providing asset-based lending solutions is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”
Sav A Lot has more than 1,100 corporate and licensed stores in 33 states and 14 wholesale distribution centers. Held by private equity firm Onex Corp., the company is No. 54 on The PG 100, Progressive Grocer’s list of the top food retailers in North America.