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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
JPMorgan Chase Agents Star Gas Partners’ $300MM ABL Facility
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Lenders/Participants
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JPMorgan Chase Bank [Administrative Agent]
Bank of America [Co-Syndication Agent]
Citizens Bank [Co-Syndication Agent, Joint Lead Arranger, Joint Bookrunner]
Key Bank [Co-Documentation Agent]
Regions Bank [Co-Documentation Agent]
TD Bank [Co-Documentation Agent]
J.P. Morgan Securities [Joint Lead Arranger, Joint Bookrunner]
Merrill Lynch [Joint Lead Arranger, Joint Bookrunner]
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Structure
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Revolver Amendment
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Amount
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$300.000
Million
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Borrower(s)
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Star Gas Partners
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Description
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Star Gas Partners has entered into a third amended and restated asset-based revolving credit facility, which expires in July 2020 and provides the ability to borrow up to $300 million ($450 million during the heating season from December through April of each year) on a revolving line of credit for working capital purposes, including the issuance of up to $100 million in letters of credit. The amended and restated credit facility also provides for a $100 million five year senior secured term loan; proceeds from the term loan will be used to redeem the Partnership's outstanding 8.875% Senior Notes due 2017 (the "Notes"). The term loan payment schedule is comprised of $10 million per year plus 25% of excess cash flow, as defined in the credit agreement, with final payment at maturity. Additional details are provided in the Partnership's filings with the SEC. Star Gas is expected to see lower interest expense going forward through this new debt structure.
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Industry
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Energy
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| Related Tags |
Bank of America, Citizens Bank, J.P. Morgan Securities, JPMorgan Chase, Key Bank, Merrill Lynch, Regions Bank, TD Bank
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ABL Advisor
Deal Tables
2024
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