Murex Increases Its Revolving Line of Credit to $200 Million With Frost Bank and Four Other Banks
Friday December 17 2021
PLANO, TX – December 17, 2021 – Murex LLC, a low carbon fuels marketing and logistics company, has increased its credit revolver with Frost Bank and four other banks from $165 million to $200 million due to higher prices and increased volume.
Murex started doing business with Frost Bank in 2002 with a $9 million revolving line of credit when annual revenue was $130 million. The line of credit has grown to $200 million while revenue has increased to $3.5 billion. Frost Bank has added Commerce Bank, Trustmark National Bank, First Financial Bank and Synovus Bank as participating banks.
“We have enjoyed a great relationship with Frost Bank and our member banks as we have grown. We added three new biofuels plants in 2021. We saw inflation and price increases. It’s good to have flexibility and capacity for increased growth,” said Robert Wright, President and Founder.
In addition to offering logistics solutions to its customers, Murex also markets products from 12 biofuels plants domestically, and is exploring relationships with several others in the growing renewable fuels space.
Murex is the premier low carbon marketing and logistics company for renewable fuels, trading approximately 2 billion gallons of product across 48 states and 20+ countries worldwide.
Headquartered in Plano, Texas, Murex has been in business over 30 years and operates across multiple commodities including renewable fuels, ethanol, crude, methanol, jet fuel, and diesel. Named the 2nd largest private company in the DFW area in 2019, Murex generates over $3.5 billion in revenue annually and provides turnkey solutions to its biofuel plant partners, managing all aspects of marketing, logistics, regulatory and fleet management. In addition to selling product to all 48 continental states in the US, Murex is a market leader in the renewable fuels export space, controlling over 20% of the ethanol export market.
About Frost Bank
Frost Bank is one of the largest commercial banks headquartered in Texas with consolidated total assets of $51.0 billion and total deposits of $43.2 billion. Frost Bank is the principal operating subsidiary and sole banking subsidiary of Cullen/Frost Bankers, Inc. (NYSE:CFR), primarily engaged in the business of commercial and consumer banking through approximately 157 financial centers across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Frost Bank also operates approximately 1,650 automated-teller machines (“ATMs”) throughout the State of Texas, the majority of which are operated in connection with branding and licensing agreements with various retailers throughout the State of Texas.