WEATHERFORD, Okla. — The operator of Fast Lane Stores will use $40 million in financing to jumpstart growth of the 18-store convenience retail chain.
ASAP Energy Inc. closed a $40-million, seven-year credit facility with 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.
In addition to the loan facilities, Citizens is working to provide cash management solutions to meet the needs of ASAP Energy's 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."
Mike Phelps, head of the Convenience and Retail Fuel Finance Group for Citizens Commercial Banking, added: "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."
Weatherford-based ASAP Energy Inc. operates Fast Lane locations in Oklahoma and Kansas.