Capitol Petroleum Group Completes Debt Refinancing
Helps jobber streamline corporate structure, reduce overall cost of capital
Published in CSP Daily News
WASHINGTON -- Capitol Petroleum Group LLC has completed the refinancing and restructuring of the company's existing debt on 146 gas stations and convenience stores located in the Washington, D.C., metropolitan area, Petroleum Capital & Real Estate LLC, which acted as the exclusive financial advisor, has announced.
CPG is a well-established ExxonMobil-, Valero- and Shell-branded distributor in the Washington, D.C., and New York City metropolitan areas.
"The refinancing allowed our client to streamline its existing corporate structure and reduce its overall cost of capital," said John C. Flippen Jr., managing director and principal of Petroleum Capital & Real Estate. "Our firm has significant contacts with both senior and mezzanine lenders, which enables us to generate interest in a company's refinancing. We also provide expertise in reorganizing a company's capital structure to take advantage of more favorable credit terms that are now available in the capital markets and provide a company with additional financial flexibility."
Petroleum Capital & Real Estate and its principals, John Sartory and John C. Flippen Jr., provide financial advisory services for clients exclusively in the retail petroleum industry. The company has completed more than $1.1 billion in C&G related transactions, ranging in size from $3 million to over $200 million, through senior, mezzanine, sale leaseback, bridge and private-equity funding structures.