People’s United Bank served as lead arranger, bookrunner and administrative agent for several credit facilities totaling $89.6 million to Rocky Hill, CT-based CCO and its associated entities. The senior revolving and term loan facilities will be used to refinance existing debt, acquire 12 sites in Connecticut, support future site acquisitions and provide working capital. CCO and its subsidiaries acquire, supply and operate gas stations and convenience stores under the trade names Sam’s Food Stores, DB Mart, Ravi Petro in Connecticut, Massachusetts, Rhode Island, New York and New Hampshire. The companies also distribute motor fuels to a network of third-party gasoline stations throughout the Northeast.
“Over our 15-year-plus relationship with CCO and Naeem Khalid, we’ve been able to support the company with capital and expertise in its transformation from an operator of a handful of stores in greater Hartford to a major player in its industry,” Jeff Paz, senior vice president of commercial banking at People’s United Bank, said.
“Our understanding of the customer’s business and industry dynamics allowed us to create a credit structure that meets today’s needs and allows for future flexibility.” Ken Jamison, senior vice president of loan syndications at People’s United, said. “As CCO’s financing needs have become more complex, creating and leading a syndicate of lenders simplified their access to capital. This led to a smoother, faster process for all involved.”
“At CCO, we strive to bring our customers excellent service with a high degree of satisfaction and speed, so that they can keep up with today’s fast-paced world. By working with People’s United Bank, we’ve found a resourceful partner that helps us deliver on that promise without missing a step,” Naeem Khalid of CCO, said.
