Chronister Oil Company

Service Type: Refinancing

Client: Chronister Oil Company

Client Description: Midwestern independent convenience retailer with a dedicated focus to blended fuels retailing

The Trigger:

  • 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.

The Project:

  • Upon underwriting the Company’s strong performing assets, Corner Capital created a financing memorandum outlining the Company’s strengths and financial performance.

The Solution:

  • 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 Result:

  • 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.