Bay State Milling has refinanced $240 million from a 2013 transaction.
BOSTON, MASSACHUSETTS, U.S. — Bay State Milling Co., Quincy, Massachusetts, U.S., has refinanced $240 million from a 2013 transaction. The new transaction includes a $150 million revolving line of credit, a $45 million term loan and a $45 million delayed draw term loan. Citizens Commercial Banking acted as joint lead arranger.
Peter Banat, CFO of Bay State Milling.
“This transaction lowers our cost of capital, increases our flexibility and provides additional borrowing capacity for our strategic needs,” said Peter Banat, chief financial officer of Bay State Milling, a family-owned company and provider of plant-based ingredients.