05/13/2016
Citizens Bank provides $28 million senior credit facility to Ramoco Fuels
New Jersey owner of convenience stores, car washes and gas stations will use funds to consolidate debt, provide working capital and upgrade stores
PRINCETON, N.J. – Citizens Bank announced today that it has provided $28 million in senior credit facilities to Princeton, N.J.-based Ramoco Fuels.
Ramoco Fuels owns and operates a chain of 70 gas stations, convenience stores and car washes in New Jersey, Pennsylvania and Delaware, as well as a related fuel distribution company.
The $28 million credit facilities consist of a term loan, a revolving line of credit and a line to fund capital expenditures.
“The Citizens Bank team was able to structure a great solution that allowed us to refinance and consolidate our existing debt to improve cash flow and reduce borrowing costs, as well as support our working capital needs and provide capital for improvements and upgrades to our convenience store sites,” said Reddy Rathnaker, President and CEO of Ramoco Fuels. “Their experience with these types of transactions made a big difference and we look forward to continuing to work with them in the future.”
“We are impressed with Reddy and his management team. This relationship demonstrates our capabilities and commitment to the needs of our customers in the industry,” said Michael R. Phelps, Managing Director of Convenience and Retail Fuel Finance at Citizens.
The Citizens Bank Convenience and Retail Fuel Finance group is focused on meeting the banking and financing needs of the retail petroleum and convenience store industries. With extensive industry expertise, Citizens offers financial support to multi-unit operators 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 more information, please go to the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $140.1 billion in assets as of March 31, 2016. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens 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 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 select 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 through its 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.
