Rabobank, Citizens and Wells Close $662.5MM Acquisition Credit Facility for Hartree

Hartree Partners and subsidiary Sprague Operating Resources closed a $662.5 million senior secured acquisition credit facility._x000D_
_x000D_
The three-year facility, which has two one-year extension options, is designed to support Hartree’s capital expenditures, liquidity needs and future acquisition growth. The facility also includes an accordion feature allowing Hartree to increase the size of the loan to $750 million. A diverse group of nine financial institutions participated in the facility._x000D_
_x000D_
“Separating this facility to finance Hartree’s existing and future fixed assets in the terminals space is a major milestone in further diversifying our bank group, loan repayment period and availability of capital,” Bryan Keogh, chief financial officer of Hartree, said. “We are extremely grateful for this bank group, which has been supporting the Sprague operations for many years.”_x000D_
_x000D_
“We are pleased to put this unique structure in place — with the help of our banks — to bolster our and Hartree’s strategic growth plans,” Todd Tinelli, chief financial officer of Sprague, said._x000D_
_x000D_
Three lenders — Rabobank, Citizens Bank and Wells Fargo Securities — served as the joint lead arrangers of the facility. Rabobank also served as the administrative agent and sole bookrunner. In addition, six other banks participated at various commitment levels._x000D_
_x000D_
“We were thrilled to partner with Hartree on this landmark transaction,” Sebastien Ribatto, deputy head of trade and commodity finance for Rabobank, and Vikran Malkani, head of financial advisory and solutions for North America at Rabobank, said. “This facility provides Hartree and Sprague with a scalable source of funding to purchase and operate key commodity infrastructure, while also broadening Hartree’s banking partnerships. We look forward to continuing to find innovative ways to support Hartree’s future growth.”_x000D_
_x000D_
Greenberg Trauig served as counsel to the lenders. Hogan Lovells US served as counsel to the borrower.