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CHICAGO — Buchanan Energy LLC closed on a five-year credit facility from Citizens Commercial Banking's Convenience and Retail Fuel Finance Group.
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.
Buchanan Energy operates 45 convenience stores in the Chicago area under the Bucky's brand. It also leases 22 locations to franchise operators and supplies fuel to an additional 16 third-party retailers. All of these 83 locations are branded under the Exxon and Mobil banners on the fuel side.
“When we decided to refinance our credit facility, we trusted the team at Citizens Commercial Banking to complete a transaction of this size and deliver a loan structure that would meet the needs of our growing business,” said Steve Buchanan of Buchanan Energy. “This transaction will provide us with a platform to continue to grow both our retail network, as well as our wholesale business.”
Citizens Commercial Banking's Convenience and Retail Fuel Finance Group is the commercial banking division of Providence, R.I.-based Citizens Financial Group.
“We appreciate the confidence in us shown by Steve and his management team. The successful closing of this transaction is testimony 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.