09/29/2014
Citizens Commercial Banking Leads Large Credit Facility for Buchanan Energy LLC
Financing will be used to refinance existing debt, provide working capital line of credit, support letters of credit and a development facility
CHICAGO, IL (September 30, 2014) – Citizens Commercial Banking’s Convenience and Retail Fuel Finance Group recently closed on a large five-year credit facility with Buchanan Energy LLC, a leading convenience store operator in the Chicago area.
Buchanan Energy supplies 83 Exxon/Mobil branded locations: operating 45 of those locations under the Bucky’s trade name, leasing 22 locations to franchise operators and supplying fuel to an additional 16 third-party dealers.
Citizens Commercial Banking, the commercial banking division of Providence-based Citizens Financial Group, 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 line of credit that will be used to finance the development and/or acquisition of new locations, and a revolving line of credit to be used for working capital and letters of credit.
In addition to the loan facilities, Citizens Commercial Banking was able to provide the cash management solutions to meet the needs of company’s extensive retail network. Citizens was also able to provide Interest Rate Risk Management services to assist the company with their significant interest rate exposure.
“When we decided to refinance our credit facility, we trusted the team at Citizens Commercial Banking to complete a transaction of this size and deliver a loan structure that would meet the needs of our growing business,” said Steve Buchanan of Buchanan Energy. “This transaction will provide us with a platform to continue to grow both our retail network as well as our wholesale business. We would like to thank the team at Citizens Commercial Banking for their hard work during this process and their long-term commitment to our industry.”
“We appreciate the confidence in us shown by Steve and his management team. The successful closing of this transaction is testimony 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.
The Citizens Commercial Banking 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 Commercial Banking 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 Petroleum 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-based Citizens Financial Group. For more information about Citizens Financial Group, go to citizensbank.com.
About Citizens Financial Group Inc.
Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $130.3 billion in assets as of June 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. In Commercial Banking, Citizens 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 at www.citizensbank.com.
