PRINCETON, N.J. – Ramoco Fuels, which 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, has received $28 million in senior credit facilities from Citizens Bank.
The 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, Princeton, N.J.
The Citizens Bank Convenience and Retail Fuel Finance group is focused on the petroleum and convenience-store industries. It offers financial support to multiunit 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.
Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $140.1 billion in assets. Based in Providence, R.I., Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions.
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