PNC Bank acted as administrative agent, lead arranger and bookrunner on a $575 million credit facility for United Refining.
Founded in 1902 and based in Warren, PA, United is an independent refiner and marketer of petroleum products, beneficially owned by Chairman and CEO John Catsimatidis since 1985. The company operates a medium complexity refinery and provides fuel for cars, trucks, farm and construction equipment; heating oil for homes and businesses and asphalt and other petroleum products in Pennsylvania, New York and Ohio.
“United’s 30-year relationship with PNC has enabled our company to meet its strategic goals and grow into the robust organization that we are today,” said Catsimatidis.
United will use the loan proceeds to complete the purchase of Enbridge Pipeline’s L-10 pipeline and for a multi-year pipeline repair and improvement project which was completed in April 2018. The project restored the pipeline to its full design capacity and enhanced its reliability, integrity and environmental safety.
PNC Business Credit, the asset-based lending division of PNC Bank, led the transaction. PNC Capital Markets served as syndication agent.
“PNC and United have enjoyed a long term relationship and we continue to expand our partnership,” said William Kosis, group executive of PNC Business Credit. “We are delighted to provide strategic financial tools to enable the company to grow and prosper.”
