Citizens Bank provided $28 million in senior credit facilities to Princeton, NJ-based Ramoco Fuels.

Ramoco Fuels owns and operates a chain of 70 gas stations, convenience stores and car washes in New Jersey, Pennsylvania and Delaware as well as a related fuel distribution company.

The $28 million credit facilities consist of a term loan, a revolving line of credit and a line to fund capital expenditures.

“The Citizens Bank team was able to structure a great solution that allowed us to refinance and consolidate our existing debt to improve cash flow and reduce borrowing costs, as well as support our working capital needs and provide capital for improvements and upgrades to our convenience store sites,” said Reddy Rathnaker, president and CEO of Ramoco Fuels.

The Citizens Bank Convenience and Retail Fuel Finance group is focused on meeting the banking and financing needs of the retail petroleum and convenience store industries.