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PNC Bank Provides $575MM to United Refining Company

July 25, 2018, 07:12 AM
Filed Under: Oil & Gas

PNC Bank, National Association, announced the closing of a $575 million credit facility for Warren, PA-based United Refining Company (United).

Founded in 1902, United is an independent refiner and marketer of petroleum products, beneficially owned by New York City-based John Catsimatidis since 1985. The company operates a medium complexity refinery in Warren, providing fuel for cars, trucks, farm, and construction equipment; heating oil for homes and businesses; as well as asphalt and other petroleum products in Pennsylvania, New York state and portions of Ohio.

“United’s 30-year relationship with PNC has enabled our company to meet its strategic goals and grow into the robust organization that we are today,” said Catsimatidis, who is also chairman of the board & chief executive officer.

United will use a portion of the loan proceeds to complete payment for the purchase of Enbridge Pipeline, Inc’s L-10 pipeline, and for a multi-year pipeline repair and improvement project which was completed in April 2018. That project has restored the pipeline to its full design capacity, and enhanced reliability, integrity and environmental safety. Enbridge will continue to operate and maintain the pipeline for a transition period of at least five years. Purchase of the pipeline will provide United with a high degree of North American-sourced feedstock security in the future, and the ability to supply products made in America from 100% North American crude, delivered by pipeline from Canada.

PNC Business Credit, the asset-based lending division of PNC Bank, N.A. led the transaction. PNC Bank, N.A. served as administrative agent, lead arranger and bookrunner. PNC Capital Markets LLC served as syndication agent.

“PNC and United have enjoyed a long term relationship and we continue to expand our partnership,” said William Kosis, group executive of PNC Business Credit. “We are delighted to provide strategic financial tools to enable the company to grow and prosper.”

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