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BRENTWOOD, Tenn. -- MAPCO Express parent company, Delek US Holdings Inc., announced that its wholly-owned Delek Refining Ltd. subsidiary entered into a new four-year, $300 million asset-backed revolving credit facility (ABL facility). This replaces the existing ABL facility that would have expired in April, according to the company.
The ABL facility is structured to include a $300 million revolving credit limit; a $300 million letter of credit sublimit; and an accordion feature that permits an increase in borrowings of up to $600 million, subject to additional lender commitments. The facility will mature in February 2014.
The primary purpose of the ABL facility is to help finance the working capital requirements of the company's refining segment, Delek US stated.
"In connection with the ongoing support of our lenders, we have secured a long-term credit facility for Delek Refining. The terms of our new ABL facility provide us with a significant degree of financial flexibility, as evidenced by the inclusion of an accordion feature, which increases the size of the facility from $300 million up to $600 million," Uzi Yemin, Delek US President and CEO, said in a company statement.
"The strong indications of interest we received from potential lenders led this deal to be oversubscribed. We believe such interest is a testament to the financial community's continued confidence in the stability and growth potential of our company."
Delek US Holdings' retail segment markets gasoline, diesel and other refined petroleum products and convenience merchandise through a network of company-operated retail fuel and convenience stores operated under the MAPCO Express, MAPCO Mart, East Coast, Discount Food Mart, Fast Food and Fuel and Favorite Markets brands.
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