JPMorgan Leads Star Gas Amended Facility
Star Gas Partners announced that it entered into a second amended and restated $450 million credit facility that extends the term of the agreement from June 2016 to June 2017, or January 2019 provided that certain conditions have been met.
The bank syndicate supporting the revolving credit facility is comprised of 15 participants, with JPMorgan Chase Bank as administrative agent, Bank of America as co-syndication agent, RBS Citizens as co-syndication agent; Key Bank, Regions Bank, Wells Fargo Capital Finance and BMO Harris Bank as co-documentation agents; and J.P. Morgan Securities, Merrill Lynch and RBS Citizens as joint lead arrangers and joint book runners.
Richard F. Ambury, CFO, commented, “We are pleased to announce that our credit facility has once again been amended and restated, increasing the facility by $100 million and extending the maturity. We appreciate the continued support of all fifteen institutions participating in this credit agreement.”
Star Gas Partners is the nation’s largest retail distributor of home heating oil, based upon sales volume, operating throughout the Northeast and Mid-Atlantic.