Oil and gas distributor Lykins Energy Solutions closed on a $75 million revolving credit facility led by U.S. Bank to support its growth initiatives.
U.S. Bank’s financing is in the form of an asset-based credit line, which includes flexibility for initial inventory build up to support upcoming growth and expansion initiatives.
“Lykins is a family-owned business engrained in the Cincinnati community as an employer and corporate citizen. Their continued growth is great for this region and speaks to the management team’s strength and vision,” said Sam Philbrick, president of U.S. Bank Asset-Based Finance.
Lykins and U.S. Bank are both heavily involved in the greater Cincinnati community, particularly with CASA (Court Appointed Special Advocate) and local schools. Lykins awards college scholarships and sponsors local athletics programs each year, and its employees often volunteer in “Partners in Education” programs throughout area high schools. Likewise, U.S. Bank supports local schools through scholarships, internships and employee volunteerism teaching financial education through Junior Achievement.
Cincinnati, OH-based Lykins is a family owned and operated business now in its third generation of management. The company is a BP, Marathon, Shell and Gulf marketer supplying over 150 independent dealers, primarily in Ohio, Kentucky, Indiana and West Virginia, as well as a growing presence in the greater Midwest and Southeast.