11/12/2014
Citizens Commercial Banking leads $40 million credit facility for ASAP Energy Inc.
Financing will be used to refinance existing debt, provide working capital commercial line of credit, support letters of credit and a development facility
IRVINE, CA (11/12/14)– Citizens Commercial Banking’s Convenience and Retail Fuel Finance Group today announced that it has closed a $40 million, seven-year credit facility with ASAP Energy Inc., a leading convenience store operator located in Weatherford, Okla. ASAP Energy operates 18 locations in Oklahoma and Kansas under the Fast Lane trade name.
Citizens Commercial Banking, the commercial banking division of Citizens Financial Group (NYSE: CFG), is serving as Administrative Agent, Collateral Agent and LC Issuer for the transaction.
The transaction includes a term loan to refinance existing debt, a development commercial line of credit that will be used to finance the development and/or acquisition of new locations, and a revolving commercial line of credit to be used for working capital and letters of credit.
In addition to the loan facilities, Citizens is working to provide the cash management solutions to meet the needs of ASAP Energy’s extensive retail network. Citizens was also able to provide interest rate risk management services to assist the company with its interest rate exposure.
“The Citizens Commercial Banking team has demonstrated expertise in the Convenience and Retail Fuel Finance space both when it comes to delivering great ideas and when it comes to execution,” said Rick Koch, president of ASAP Energy. “We would like to thank our financial partners at Citizens for their hard work during this process and their long-term commitment to our industry.”
“The successful closing of this transaction with ASAP Energy is an example of the teamwork between our group and a valued customer and our continued focus on meeting the needs of growing, industry leaders,” said Mike Phelps, Head of the Convenience and Retail Fuel Finance Group for Citizens Commercial Banking. “It has been great to work with Rick and his team. We would also like to thank the team at Corner Capital Advisors for their initial introduction and ongoing support during the underwriting process.”
Citizens’ Convenience and Retail Fuel Finance Group is focused on meeting the banking and financing needs of the Retail Petroleum/C-Store Industries. With extensive industry expertise, Citizens offers financial support to multi-unit operators and wholesalers nationwide that require credit facilities and national lending capabilities, risk management advisory services and interest rate derivatives along with a full range of traditional commercial banking products and services.
For information about the Citizens Commercial Banking’s Convenience and Retail Fuel Finance Group, contact us at 1.855.782.8242 or [email protected].
Formerly known as RBS Citizens, Citizens Commercial Banking is the commercial banking division of Providence, R.I.-based Citizens Financial Group. For more information about Citizens Commercial Banking, go to citizensbanking.com/commercial.
About Citizens Financial Group, Inc.
Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $131.3 billion in assets as of September 30, 2014. Headquartered in Providence, Rhode Island, the company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Consumer Banking helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank and Charter One branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in selective markets nationwide. Citizens Commercial Banking offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates via subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found atwww.citizensbank.com.
