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