McALLEN, Texas -- Convenience retailer and wholesaler La Lomita Inc. has refinanced and expanded its senior credit facilities, providing long-term debt and development funds for what it said is its aggressive growth strategy in the South Texas market.
Additionally, by taking advantage of the low interest rate environment, La Lomita has lowered its debt constant, significantly increasing its operating cash flow.
La Lomita has partnered with the Retail Petroleum Finance Group of RBS Citizens Bank, an Irvine, Calif.-based lender, to help the company reach its growth goals.
"We now have a financial structure that provides for our continued growth in the Texas market, with outstanding economics to build the facilities that support our El Tigre brand convenience stores," said Carlos Garza, founder and president of La Lomita, the parent company of El Tigre. Carl Ray Polk Jr., Lufkin, Texas-based partner at Corner Capital LLC, said, "Carlos Garza and his team embraced the structure created by Corner Capital and RBS Citizens, and diligently worked through a tremendous amount of details to design the loan facilities for their growth strategy. We are excited to see La Lomita put their plans to work."
McAllen, Texas-based La Lomita Inc. is a wholesaler and retailer operating 22 high-volume El Tigre convenience stores in South Texas and seven Tex-Best travel centers in the San Antonio, Texas, area.
For its fuel branding, La Lomita maintains significant relationships with ExxonMobil and ConocoPhillips for retail and wholesale fuel distribution.
Corner Capital Advisors, Santa Barbara, Calif., provided corporate finance advisory and execution services to La Lomita, including debt structuring, marketing and negotiation. Corner Capital provides capital, mergers and acquisition services and advisory services to the downstream energy industry, including convenience store chains, fuel wholesalers and distributors, lubricant retailers and distributors, propane and heating oil distributors, transportation companies, lenders and private-equity investors.