TPC Group 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.”

Houston-based TPC Group produces value-added products derived from petrochemical raw materials such as C4 hydrocarbons, and is a provider of critical infrastructure and logistics services along the Gulf Coast region.