CHICAGO -- Citizens Commercial Banking's Convenience & 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.
Omaha, Neb.-based 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, R.I.-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 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 provided the cash management solutions to meet the needs of company's extensive retail network. And it provided interest rate risk management services to assist the company with its 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."
The Citizens Commercial Banking Convenience & 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.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.