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March 5, 2009 (Chicago, IL)
BlueStar Energy Services, Inc. Closes a New Secured Credit Facility
BlueStar Energy Services, Inc. ("BlueStar"), a retail energy supplier providing electricity and related services to industrial, commercial and residential customers in Illinois, Maryland and Washington, D.C., today 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 ("RBC"). While specific terms were not disclosed, BlueStar's founders and shareholders will retain 100% ownership of the company. Proceeds of the credit facility will be used to meet collateral requirements with wholesale counterparties and to fund BlueStar's continued growth.
"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. "In these challenging times, securing this capital represents a strong statement of support for our business model, and we look forward to growing BlueStar's operations by continuing to provide businesses and consumers lower energy prices, better customer service and more choices in the years ahead."
Tony Manastersky, Managing Partner of RBC Capital Partners - Mezzanine Fund, said BlueStar represents an ideal client. "Its management team has established a leading market position based on offering a high level of customer service and attractive pricing for its customers. We believe that BlueStar's new financing program will assist the Company in achieving future success."
About BlueStar Energy Services, Inc.
BlueStar Energy Services is a retail electricity supplier operating in numerous deregulated markets. BlueStar is one of the fastest-growing energy suppliers in the country and is consistently recognized on Inc. Magazine's annual Inc. 500 list of fastest-growing companies. BlueStar also offers energy efficiency services and renewable energy products. Learn more at www.bluestarenergy.com.
- BlueStar Energy Accreditations, Affiliates and Partners
- Green-E Energy Certified
- Energy Star Partner
- US Green Building Council Member
- Illinois Automobile Dealers Association
- Chicagoland Chamber of Commerce
- Better Business Bureau Accredited Business
