Lehigh Gas Partners enters into $450 million restated credit facility

By Angela McDaniels

Tacoma, Wash., March 4 - Lehigh Gas Partners LP entered into a $450 million amended and restated credit facility, according to a company news release.

The new facility replaces the partnership's previous $324 million credit facility.

The new facility matures on March 4, 2019 and, subject to some conditions, may be increased by an additional $100 million.

The initial interest rate is Libor plus 275 basis points. The margin ranges from 200 bps to 325 bps, depending on the partnership's total leverage ratio.

As of Tuesday, the partnership had $149.7 million outstanding under the new facility and $286 million in borrowing capacity, net of outstanding borrowings and letters of credit.

The new facility "increases our borrowing capacity and meaningfully enhances our financial and operational flexibility to complete acquisitions going forward," chairman and chief executive officer Joe Topper said in the news release.

Lehigh Gas Partners, based in Allentown, Pa., is a wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels.

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