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Citizens Commercial Banking Leads $40MM Facility for ASAP Energy

November 13, 2014, 07:56 AM
Filed Under: Retail

Citizens Commercial Banking’s Convenience and Retail Fuel Finance Group has closed a $40 million, seven-year credit facility with ASAP Energy Inc., a leading convenience store operator located in Weatherford, Okla. ASAP Energy operates 18 locations in Oklahoma and Kansas under the Fast Lane trade name.

Citizens Commercial Banking, the commercial banking division of 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 and/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 is working to provide the cash management solutions to meet the needs of ASAP Energy’s extensive retail network. Citizens was also able to provide 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. “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 and Retail Fuel Finance Group for Citizens Commercial Banking. “It has been great to work with Rick and his team.”

Citizens’ Convenience and 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.

Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $131.3 billion in assets as of September 30, 2014.

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