A Fitchburg-based manufacturer will refinance some of its debt and finance its operations with working capital with a $32 million senior credit facility from Citizens Bank.

“We have a great relationship with Citizens and the bank is a great financial and strategic partner,” Henry Botticello, CFO of The Simonds Group, said in a statement. “In addition to lowering our cost of capital, this transaction gives us enhanced flexibility and additional borrowing capacity going forward.”

The Simonds Group manufactures cutting tools and related equipment for the industrial and wood products markets and has been a Citizens Bank customer since 2000, the bank said in a statement.

Citizens was 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.