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Blossman Gas
Our firm was retained in February, 2000 to manage a refinancing effort designed to retire debt held by a bank syndicate and raise new capital to fund certain contingent liabilities. A $50 million financing was completed in 120 days. Blossman's subsequent performance warranted a follow-up bank financing on more advantageous terms which closed in January, 2004. The $40 million facility (subsequently expanded to $60 million), was predicated on cash flow multiples and permitted aggressive expansion and acquisition initiatives.
In December, 2007 Blossman concluded a $70 million senior financing and committed to an additional $3.5 million junior financing designed to accommodate the expanded working capital requirements of the Company. Much higher propane fuel costs and the retirement of the remaining ESOP shares held by the most senior Blossman employees mandated this financing.
Finley, Colmer and Company continues its association with Blossman Gas on matters involving corporate finance and strategy while Peter Colmer serves as a member of the Board of Directors.
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