Alon Refining Krotz Springs amends loans, revising covenants and size

By Sara Rosenberg

New York, April 13 - Alon Refining Krotz Springs Inc. amended its credit facilities, revising maintenance financial covenants under the term loan and reducing the revolver size, according to a 10-K filed with the Securities and Exchange Commission on Monday.

Pricing on the term loan is Libor plus 750 basis points with a 3.25% Libor floor.

The revolver was downsized to $250 million from $300 million, with the ability to increase it to $400 million under certain conditions.

Pricing on the revolver can range from Libor plus 275 bps to 350 bps based on the fixed-charge coverage ratio.

Wells Fargo is the administrative agent on the term loan and Bank of America is the agent on the revolver.

The amendments were completed on April 9.

In connection with the term loan amendment, Alon USA Energy Inc. will provide Alon Refining Krotz Springs with an additional $50 million consisting of cash and letters of credit to enhance its liquidity.

Alon Refining Krotz Springs is a refinery located in Louisiana.

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