PROVIDENCE – RBS Citizens Convenience and Retail Petroleum Finance Group has completed the closing for $32 million in financing for Nouria Energy Corp., a convenience store operator and wholesale fuel distributor operating in Rhode Island, Massachusetts, Maine and New Hampshire, according to an announcement by the bank.
The financing will be used to refinance existing debt and provide working capital a development line of credit that will be used to finance and acquisition or development of new locations.
“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 Nouria Energy Corporation. “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.”
RBS Citizens offers financial support to multi-unit operators nationwide that require credit facilities and national lending capabilities, risk management advisory services, and interest rate derivatives along with a full range of traditional commercial banking products and services.
“We appreciate the confidence in us shown by Tony and his team,” said Mike Phelps, head of RBS Citizens Convenience and Retail Petroleum Finance Group. “ This new relationship demonstrates our capabilities and focus on meeting the needs of our customers in the petroleum industry.”