WEATHERFORD, Okla. -- ASAP Energy Inc., a convenience store company that operates 18 locations in Oklahoma and Kansas under the Fast Lane trade name, has closed a $40 million, seven-year credit facility through Citizens Commercial Banking's Convenience & Retail Fuel Finance Group.
The transaction includes a term loan to refinance existing debt, a development line of credit that the company will use to finance the development or acquisition of new locations, and a revolving line of credit it will use for working capital and letters of credit.
In addition to the loan facilities, Citizens is working to provide the cash management solutions to meet the needs of ASAP Energy's retail network. Citizens also provided interest rate risk management services to assist the company with its interest rate exposure.
"The Citizens Commercial Banking team has demonstrated expertise in the convenience and retail fuel finance space both when it comes to delivering great ideas and when it comes to execution," said Rick Koch, president of ASAP Energy, Weatherford, Okla. "We would like to thank our financial partners at Citizens for their hard work during this process and their long-term commitment to our industry."
"The successful closing of this transaction with ASAP Energy is an example 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 & Retail Fuel Finance Group for Citizens Commercial Banking, Irvine, Calif.
Citizens' 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 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.
Formerly known as RBS Citizens, Citizens Commercial Banking is the commercial banking division of Providence, R.I.-based Citizens Financial Group.
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