TPC Group successfully amended its term loan credit agreement with Riverstone Capital Partners, increasing availability from $50 million to $65 million and extending the maturity from January 2019 to December 2020.

The credit agreement includes an accordion features that will increase availability to $75 million before year end.

In January 2016, TPC and its subsidiaries entered into the credit agreement, which provided for a delayed draw term loan of up to $50 million and a three-year term. The company drew $25 million on the original closing date. Under the original credit agreement, TPC’s ability to draw the additional commitments would have expired on January 15, 2018. At the closing of the amendment, the company drew an additional $25 million, which it used primarily to repay borrowings on its ABL credit facility.

“By amending the term loan credit agreement we have ensured that we continue to have significant excess liquidity until December 2020. Moreover, the amendment will provide us with an additional $25 million of liquidity before year-end without increasing our debt levels,” said Bart de Jong, TPC Group senior vice president and CFO. “The Riverstone term loan is an important component of the company’s capital structure, and we appreciate Riverstone’s continued support and their confidence in our future.”

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