Irish-owned Petrol suppliers Inver Energy has announced major new financing facilities to fund the growth of its fuel importing business in Ireland and the UK.
The new financing facilities include a €100 million asset based lending facility and a term debt and ancillary facility of €12.5 million.
These facilities are the first of their kind within the Irish fuel sector and will fund Inver’s working capital requirements through credit, inventory and receivables finance.
Their lending syndicate comprises of Barclays, Bank of Ireland, BNP Paribas and Credit Suisse. Their term debt and ancillary facilities are provided by Bank of Ireland and will be used to fund the growth of Inver’s expanding forecourt network.
Inver CEO, Chris O’Callaghan said: “These new facilities will provide a robust, flexible and cost-effective financing platform for Inver’s future development. We are very pleased with the support of a banking syndicate that combines the global expertise of major international banks with Bank of Ireland’s know-how in the Irish market.”
The company recently announced the purchase and development of two new forecourt sites in Limerick which will add 25 jobs to the local economy. Inver currently has a nationwide network of 20 Inver branded service stations operated in partnership with independent forecourt owners.
© 2015 - Checkout Magazine by Hannah Popham.