People's United Bank Provides $89.6 Million in Credit Facilities to CCO, LLC

Rhea-AI Summary

People's United Bank (NASDAQ: PBCT) announced the provision of $89.6 Million in credit facilities to CCO, LLC, based in Rocky Hill, CT. This financing, which includes senior revolving and term loans, aims to refinance existing debt, fund the acquisition of twelve sites, and provide working capital. CCO operates gas stations and convenience stores under various brands across the Northeast. The bank's expertise facilitated a smooth financing process, supporting CCO's growth in the competitive market.

Positive

• Secured $89.6 Million in credit facilities enhances CCO's operational capacity.
• The financing allows CCO to refinance existing debt and acquire new locations.
• Strong relationship between People's United Bank and CCO supports future growth.

Negative

• None.

BRIDGEPORT, Conn., Feb. 14, 2022 /PRNewswire/ -- People's United Bank, N.A. (NASDAQ: PBCT), announced that it served as Lead Arranger, Book Runner and Administrative Agent for several credit facilities totaling $89.6 Million to Rocky Hill, CT-based CCO, LLC, and its associated entities.   The senior revolving and term loan facilities will be used to refinance existing debt, acquire twelve sites in CT, 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," said Jeff Paz, SVP, Commercial Banking, People's United Bank.  "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."   Added Ken Jamison, SVP of Loan Syndications at People's United: "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," said Naeem Khalid of CCO, LLC.

People's United's Commercial Banking and Capital Markets Divisions are comprised of experienced in-market Bankers across the Northeast who provide local, market-based solutions to organizations across industries. The teams offer Commercial Banking solutions, including Treasury Management, Wealth Management, and Derivatives as well as funds for acquisitions, construction, equipment, working capital needs or debt restructuring.

About People's United Bank, N.A.
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with approximately $65 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management solutions. The company also provides specialized commercial lending services to customers nationwide. Visit Peoples.com for more information.

About CCO, LLC.
CCO, LLC and its subsidiaries acquire, develop and operate gas stations and convenience stores and distribute motor fuels.  The company operates well over 200 locations across the Northeast.  Learn more at samsfoodstores.com.

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SOURCE People's United Bank

FAQ

What is the amount of credit facilities provided by People's United Bank to CCO, LLC?

People's United Bank provided $89.6 Million in credit facilities to CCO, LLC.

What will the credit facilities to CCO be used for?

The credit facilities will refinance existing debt, acquire twelve sites, and provide working capital.

What services does CCO, LLC provide?

CCO, LLC operates gas stations and convenience stores and distributes motor fuels in the Northeast.

How does People's United Bank support CCO's growth?

People's United Bank supports CCO's growth by providing capital and expertise tailored to its financing needs.

When was this credit facility agreement announced?

The credit facility agreement was announced on February 14, 2022.