ASAP Energy, Inc. & Fast Lane Stores

The Trigger:

• The Company reached concentration limits with its existing lenders and was unable to pursue further growth opportunities.

The Project:

• The Company experienced tremendous growth with minimal leverage and was interested in developing an execution strategy to capitalize on multiple growth opportunities presented to the Company.
• The Company’s existing loan facilities were comprised of various term loans, shareholder loans, bridge financing used for acquisitive growth, and a revolving line of credit.
• The Company engaged Corner Capital Advisors to refinance existing debt and secure new opportunities for growth capital.

The Solution:

• Corner Capital developed a refinancing package that satisfied the Company’s requested terms, including:
  • An expanded revolving credit facility collateralized by the Company’s Accounts Receivable and Inventory.
  • Reduced Letters of Credit with Philips 66 and Shell Oil Company.
  • A development line of credit used to finance further development of newly acquired special projects.
  • Consolidated term loans, collateralized by the Company’s real estate assets.
  • A new, long-term relationship with a lender that understands the business, and has the capacity to expand its debt facilities as the Company grows.

The Result:

• Corner Capital successfully marketed the refinancing opportunity to its network of investors and closed on the new loan facilities in time to meet the Company’s strategic objectives.
• Despite expanding the Company’s credit facilities and thereby increasing leverage ratios, Corner Capital’s refinancing package effectively increased the Company’s FCCR by incorporating the performance of the Company’s recently acquired assets.
• The Company’s debt service was significantly reduced, while opening growth capital availability to finance further growth efforts.