Lehigh Gas Partners gets $249 million amended and restated revolver

By Sara Rosenberg

New York, Oct. 31 - Lehigh Gas Partners LP closed on a $249 million three-year amended and restated senior secured revolving credit facility that is priced at Libor plus 275 basis points with a 50 bps unused fee, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Pricing on the revolver can range from Libor plus 225 bps to 350 bps and the unused fee can range from 37.5 bps to 50 bps, based on leverage.

KeyBank and RBS Citizens acted as the joint lead arrangers and bookrunners on the deal that was completed on Oct. 30.

There is a $75 million accordion feature.

Covenants are a leverage ratio no greater than 4.40 to 1.00, or 4.25 to 1.00 after Dec. 31, 2013, and an interest charge coverage ratio of at least 3.00 to 1.00.

Lehigh is an Allentown, Pa.-based wholesale distributor of motor fuels and owner and leaser of real estate used in the retail distribution of motor fuels.

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