JPMorgan Leads Syndicate of Lenders Providing $160MM Line of Credit to Approved Oil

Approved Oil of Brooklyn entered an amended and restated asset-based credit facility, which expires in October 2027 and provides the borrower under the credit facility the ability to borrow up to $160 million on a revolving line of credit for working capital purposes, and the issuance of an accordion up to $25 million. This accounts for a total credit facility of $185 million. The bank syndicate supporting the credit facility is comprised of four participants acting in various capacities, with JPMorgan Chase Bank as administrative agent, Manufacturers and Traders Trust Company, Bank United and Atlantic Union Bank.