FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


TPC Group Extends Revolver With BofA, Wells Fargo

January 31, 2017, 08:00 AM

As part of its ongoing plan and focus to significantly enhance its financial flexibility, TPC Group announced that it has successfully amended and extended its revolving asset-based (ABL) credit facility. Working closely with its lead banks, Bank of America Merrill Lynch and Wells Fargo, the Company extended the facility’s maturity date from December 2017 to January 2022 with similar covenants as the existing ABL. The ABL is a key component of the Company’s financial flexibility. It is primarily used to provide for day-to-day working capital needs and also provides significant excess liquidity.

“I could not be more pleased by the reception from the Company’s bank lenders for the extension of our revolving credit facility,” said Miguel Desdin, TPC Group Senior Vice President and CFO. “This is an integral part of our capital structure and helps solidify our liquidity for years to come.”

In a press release issued on September 15, 2016, the company indicated that the success of its 2016 Earnings and Cash Improvement Plan (ECIP) would result in over $115 million of available financial liquidity at year end 2016. With the continued momentum in the ECIP, the available financial flexibility will now stand at more than $140 million at year end 2016.

“Based on our 2017 plan, we expect to be cash positive and will maintain an ongoing focus on debt reduction,” said Ed Dineen, TPC Group Chairman and CEO. “Therefore, this provides us with a very sizeable insurance policy that will enable us to comfortably manage our business should we encounter any negative headwinds or surprises.”

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.