Feb 14, 2022, 11:19 ET
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.
SOURCE People's United Bank
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