A Quincy-based grain manufacturer recently refinanced three-year-old debt with a $240 million facility lead by Citizens Bank’s commercial banking arm.

The transaction for Bay State Milling Co. included a $150 million revolving line of credit, a $45 million term loan and $45 million delayed draw term loan. Citizens Commercial Banking acted as the joint lead arranger for the transaction.

“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,” Peter Banat, CFO of Bay State Milling Co., said in a statement. “This transaction lowers our cost of capital, increases our flexibility and provides additional borrowing capacity for our strategic needs.”

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.

“Bay State Milling is a great client with a strong management team,” Jerry Sargent, Massachusetts President of Citizens Bank, said in a statement. “Our bankers are very happy to have been able to help the Bay State Milling team achieve their strategic and financial goals.”