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American Petroleum Tankers to get $280 million credit facility
By Sara Rosenberg
New York, March 15 - American Petroleum Tankers Parent LLC plans on getting a new $280 million senior secured credit facility, according to a news release.
The facility consists of a $10 million five-year revolver and a $270 million 61/2-year term loan.
Proceeds will be used to redeem the company's existing 10¼% first-priority senior secured notes due 2015.
With the transaction, the company expects to convert to equity its $455.5 million second-lien credit facility, for which Blackstone Corporate Debt Administration LLC is the administrative agent.
American Petroleum is a Plymouth Meeting, Pa.-based provider of Jones Act marine transportation services for refined petroleum products, crude oil and chemicals.
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