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Getty Petroleum launches maximum $345 million credit facility
By Sara Rosenberg
New York, April 20 - Getty Petroleum Marketing Inc. held a bank meeting on Tuesday for a proposed credit facility that will be sized anywhere from $320 million to $345 million, depending on the final revolver size, according to a market source. Lehman Brothers is the sole lead arranger and administrative agent on the deal.
The facility consists of a $270 million six-year term loan with an interest rate of Libor plus 325 basis points and a still fluid $50 to $75 million four-year revolver, the source said.
Security for the term loan is a first lien on fixed assets and a second lien on accounts receivables and inventory. Security for the revolver is a second lien on fixed assets and a first lien on accounts receivables and inventory.
Ratings of B1/B+ are expected on the deal, the source added.
Proceeds will be used to purchase Mobil branded gasoline retail stations and contracts to supply gasoline to Mobil branded stations located in New Jersey and Pennsylvania from ConocoPhillips.
Getty Petroleum is an East Meadow, N.Y., distributor of motor and heating fuels.
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