BOSTON – Cutting tool supplier The Simonds Group has received $32 million in new financing from Citizens Commercial Banking. According to Citizens Bank, the Fitchburg, Massachusetts-based Simonds will use the funds to refinance debt and provide working capital for continuing operations.
Founded in 1832 and formerly known as Simonds Industries Inc., the company manufactures cutting tools and related equipment for the industrial and wood products markets. The company offers bandsaw blades, hand files, circular saw blades, filing room equipment, sawmill knifes, veneer products, brush chipping knifes, sawblade maintenance supplies and bandsaw welders.
Citizens is the Sole Lead Arranger on the $32 million financing, which is comprised of a $22 million term loan and two $5 million revolving credit facilities.
“We have a great relationship with Citizens and the bank is a great financial and strategic partner,” said Henry Botticello, chief financial officer of The Simonds Group. “In addition to lowering our cost of capital, this transaction gives us enhanced flexibility and additional borrowing capacity going forward.”
“The Citizens team is very happy to be able to help The Simonds Group management achieve their strategic and financial goals,” said Jerry Sargent, Massachusetts president of Citizens Bank. “Simonds is led by experienced executives with deep industry knowledge and a proven track record.”
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