Sprague Resources to draw on credit facility to fund asset purchase

By Tali Rackner

Norfolk, Va., Jan. 3 – Sprague Resources LP plans to use borrowings from its senior secured credit facility to finance its acquisition of the assets of Global Cos. LLC’s natural gas marketing and electricity brokerage businesses, according to a press release.

Sprague’s wholly owned subsidiaries, Sprague Operating Resources LLC and Sprague Energy Solutions Inc., are making the roughly $17.3 million cash acquisition.

Sprague is engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. The company is based in Portsmouth, N.H.

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