Magness Oil Gets RBS Citizens Capital Infusion
Financing provides platform to continue to grow retail, wholesale business
GASSVILLE, Ark. -- Magness Oil Co., a petroleum and convenience store marketer and wholesale fuel distributor in Arkansas, Mississippi, Tennessee, Missouri, Texas, Georgia and Florida, recently completed the closing of a $44.9 million, seven-year credit facility through RBS Citizens Convenience & Retail Petroleum Finance Group.
The transaction includes a term loan to refinance existing debt, a large development line of credit that will be used to finance the development or acquisition of new locations or wholesale fuel supply contracts, an equipment line of credit for equipment and rolling stock purchases and a revolving line of credit to be used for working capital and letters of credit.
"The RBS Citizens Convenience & Retail Petroleum Finance Group knows our industry well and has delivered a loan structure that meets the needs of our growing business," said Jeff Magness of Magness Oil. "The transaction will provide us with a platform to continue to grow both our retail and wholesale business."
The RBS Citizens Convenience & Retail Petroleum Finance Group is focused on meeting the banking and financing needs of the retail petroleum and c-store industries. With extensive industry expertise, RBS 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.
RBS Citizens Financial Group Inc. is a $120 billion commercial bank holding company with headquarters in Providence, R.I., owned by The Royal Bank of Scotland Group plc.
Gassville, Ark.-based Magness Oil is an ExxonMobil- , ConocoPhillips- and Spirit-branded distributor; it also has many unbranded supply options. The company provides fuel supply management services to a wide range of businesses in the convenience store, industrial, transportation and trucking, farming, government and aviation industries.