ORANGE, Calif. -- SC Fuels, a leading distributor of gasoline and diesel products in the Western United States, has announced that it has closed on a $200,000,000 revolving credit and term loan facility. The syndicate was lead by Comerica Bank, as administrative agent and lead arranger.
PNC Bank and US Bank continued their credit support of SC Fuels as syndication agent and documentation agent, respectively. In addition, the syndicate was expanded to include Bank of the West.
"At this time of rising fuel prices, we are pleased to increase our working capital with [image-nocss] these great banks. Their confidence in us, and our business, will allow our company to participate in the future growth and dynamic consolidation expected in the fuel distribution business," said Frank Greinke, owner of Orange, Calif.-based SC Fuels.
"We are pleased to continue to provide SC Fuels with the necessary financing needed to maintain its position as one of the largest suppliers of branded, unbranded and alternative fuels in the United States. We are also excited to work with the company's seasoned management team and we continue to be impressed by the results that SC Fuels has achieved," said Joseph P. Yurosek, senior vice president of Comerica Bank.
Established in 1930 as Southern Counties Oil Co., SC Fuels is the oldest and largest petroleum distributor on the West Coast. Serving more than 35,000 customers annually, SC Fuels delivers commercial bulk fuels, wholesale branded fuels and alternative fuels.It also is a leading provider of commercial cardlocks, automated fuel purchasing and management systems used by customers in the transportation industry. It has gasoline and cardlock locations throughout Texas and Southern California, and 185,000 sites nationwide. The company also provides mobile onsite fueling services designed to save customers time and money by directly fueling customer vehicles and equipment on site during off-use hours.
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