On March 5 BlueStar Energy Services, Inc. announced that it has closed a new secured credit facility.
The new financing consists of a senior secured revolving line provided by RBS Citizens, NA (RBS) and a subordinated mezzanine loan provided by RBC Capital Partners, a division of the Royal Bank of Canada.
This new credit facility effectively doubles our previous one. We are delighted to partner with RBS and RBC on this transaction, said Guy H. Morgan, BlueStar's Chairman and Chief Executive Officer.
BlueStar is a retail energy supplier providing electricity and related services to industrial, commercial and residential customers in Illinois, Maryland and Washington, D.C
Details of the new credit facility were not disclosed only that BlueStar's two founders will retain 100% ownership of the company and the proceeds of the credit facility will be used to meet collateral requirements with BlueStar's wholesale suppliers and to fund BlueStar's continued growth.