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Thu 21 Nov 2013, 19:23 GMT

Bunkers International secures financing


Funds to be used to refinance existing debt and support the company's growth initiatives.

PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. has announced the closing of a $50 million asset based revolver for marine fuel supplier Bunkers International Corporation.

In a statement, PNC Bank said that Florida-based Bunkers International would be using the funds to refinance existing debt and support its growth initiatives.

Bunkers International has been expanding operations globally since 2000, launching new operations in Colombia, New York, the UK, Singapore, Hong Kong, Malta, Turkey, and South Africa.

The company is a leading physical bunker supplier in the Colombian ports of Cartagena, Barranquilla, Buenaventura and Santa Marta and provides trading and brokering services to ship operators around the world.

The PNC Financial Services Group is a financial services organization that provides retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

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