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PNC Leads Lenders in Volunteer Energy’s ABL Facility

April 10, 2015, 07:21 AM
Filed Under: Energy

Volunteer Energy, a leading Midwestern natural gas supplier, has announced the successful execution of a new secured asset-based credit agreement with a six member bank group led by PNC Bank N.A, and includes JPMorgan Chase Bank N.A., KeyBank N.A., The Huntington Bank, Signature Bank N.A., and Webster Business Credit Corporation. All six lenders conducted their own credit analysis and due diligence which the company believes underscores its ability to maintain its conservative financial management approach, while simultaneously pursuing prudent growth opportunities.

Selling primarily to businesses and residents through state regulated Customer Choice programs, Volunteer Energy has amassed over 900,000 Residential Customer Equivalents (RCE's), and is preparing for continued growth well into the future.

"Our growth has always been steady, but has accelerated over the last five years as we've focused on municipal aggregations, SCO tranches, and building our brand in core markets," said Volunteer Energy President, Richard A. Curnutte, Sr.

Although natural gas sales constitute the majority of Volunteer Energy's business, the company has been brokering a substantial amount of electricity to its business customers, and has considered expanding further into the electricity market as a supplier, as well.

Volunteer Energy is headquartered in Pickerington, Ohio, and operates across a four state market area that includes Ohio, Michigan, Pennsylvania, and Kentucky.

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