Alon Refining Krotz Springs to pay down $30 million credit facility

By Angela McDaniels

Tacoma, Wash., Aug. 24 - Alon Refining Krotz Springs Inc. plans to repay the $30 million outstanding under its credit facility, according to an S-1 filing with the Securities and Exchange Commission.

The company will use the proceeds from a rights offering by parent company Alon USA Energy, Inc. Shareholders are being offered rights to subscribe for up to $40 million of 8.75% series A convertible preferred stock.

As previously reported, Alon Refining amended the credit facility on Aug. 11, extending the maturity to Nov. 15, 2010 from Aug. 16, 2010.

Bank Hapoalim BM is the administrative agent on the deal.

Alon Refining Krotz Springs is a refinery located in Krotz Springs, La. Dallas-based Alon USA Energy refines and markets petroleum products.

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