Service Type: Refinancing
Client: Chronister Oil Company
Client Description: Midwestern independent convenience retailer with a dedicated focus to blended fuels retailing
- Served by multiple lenders with concentration limits and a lack of understanding of the industry (especially for those blending their own fuel for resale), the client needed a stable lending relationship and working capital assistance.
- Upon underwriting the Company’s strong performing assets, Corner Capital created a financing memorandum outlining the Company’s strengths and financial performance.
- Corner Capital solicited proposals from multiple lenders, secured agreements from existing lenders to remove prepayment fees, reduced principal amounts from existing lenders, and identified a strong regional lender with direct experience in the industry.
- The Company was able to consolidate its multiple lending relationships into a single term facility with a revolving credit facility for the unique working capital demands associated with fuel blending and retailing.