Suburban Propane Partners refinanced its senior secured credit facility with a new five-year facility, increasing the credit commitments from $400 million to $500 million.
The bank syndication supporting the new facility is comprised of a diverse group of 14 banks led by Bank of America Merrill Lynch and Wells Fargo Securities as joint lead arrangers and joint bookrunners. Bank of America is serving as administrative agent.
The revolving credit facility will be used to provide liquidity for general corporate purposes, including working capital, capital expenditures and acquisitions.
“We are very pleased with the outcome of this opportunistic refinancing of our revolving credit facility, which we have completed in advance of the expiration of our previous credit facility,” said Michael Kuglin, Suburban Propane’s chief financial officer and chief accounting officer.
Whippany, NJ-based Suburban Propane Partners serves the energy needs of approximately 1.1 million residential, commercial, industrial and agricultural customers through 700 locations in 41 states.