Golden Gate Petroleum, Inc.
Service Type: Refinancing
Client: Golden Gate Petroleum, Inc.
Client Description: A Bay Area branded retailer, wholesaler, and transporter of fuels and lubricants, with a 35 year history of operating c-stores in California serving customers in the city, county, and state government, as well as private commercial and industrial entities, and independent retailers.
The Trigger:
- The Company’s senior and working capital lenders were exiting the asset class, requiring a refinance or paydown through asset sales
- After facing litigation risks associated with environmental regulations the Company needed liquidity for working capital related to fuel purchases for its commercial and wholesale fuel business.
The Project:
- Assist the Company in securing a large-scale revolving credit facility for immediate working capital needs.
The Solution:
- Corner Capital developed and proposed a refinancing solution consisting of a consolidated term loan primarily secured by senior mortgages on all fee real estate, in addition to a high-advance rate working capital facility.
The Result:
- Corner Capital successfully marketed and executed the proposed refinancing within the Company’s requested time frame, presenting the Company with multiple proposals, increased financing flexibility, a new banking relationship with a large institutional lender, and higher capacity for organic growth.
- The Company successfully performed on its senior term loans through refinancing and asset sales.