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WORCESTER, Mass. -- Nouria Energy Corp., a convenience store operator and wholesale fuel distributor in the Northeast states of Massachusetts, Maine, New Hampshire and Rhode Island, secured a $32 million, five-year credit facility with RBS Citizens Convenience and Retail Petroleum Finance Group.
The transaction includes term loan facilities to refinance existing debt; a development line of credit that will be used to finance the acquisition and/or development of new locations; and a revolving line of credit to be used for working capital and letters of credit, according to a news release.
“The RBS Citizens Convenience and Retail Petroleum Finance Group understood our business, which is why they were able to structure a facility that met our needs,” said Tony El-Nemr, chairman of Worcester-based Nouria Energy. “This transaction will put us in a great position to meet our growth plans and reach our goal of a half-billion gallons and beyond.”
Based in Boston, the RBS Citizens Convenience and Retail Petroleum Finance Group is focused on meeting the banking and financing needs of the retail petroleum and convenience store industries. The company offers financial support to multi-unit operators nationwide that require credit facilities and national lending capabilities, as well as risk management advisory services, interest rate derivatives, and a full range of traditional commercial banking products and services.
“We appreciate the confidence in us shown by Tony and his team, and thoroughly enjoyed working with them. This new relationship demonstrates our capabilities and focus on meeting the needs of our customers in the petroleum industry,” said Mike Phelps, head of the RBS Citizens Convenience and Retail Petroleum Finance Group.
Nouria Energy operates 83 convenience stores with fuel, including the Lil' Mart brand in Maine. The company also supplies gasoline and diesel fuel to more than 125 service stations.