Mapco amends and restates to allow for revolver commitments extension

By Sara Rosenberg

New York, Dec. 16 - Mapco Express Inc. amended and restated its credit facility, allowing for the extension of revolver commitments by one year to April 28, 2011, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Lenders have until Dec. 22 to extend their individual commitments.

Currently, about $99.05 million in revolver commitments have been extended.

In addition, the amendment increases pricing on the revolver to a range of Libor plus 350 basis points to 425 bps, and on the term loan to a range of Libor plus 425 bps to 475 bps, based on leverage. Initial pricing on the revolver is Libor plus 375 bps and on the term loan is Libor plus 425 bps.

The amendment also provides for a $180 million accordion feature.

Furthermore, the amendment revised the maximum consolidated leverage ratio to 4.30 to 1.00 for the fourth quarter, to 3.90 to 1.00 for the first, second and third quarters of 2010 and to 3.60 to 1.00 thereafter.

The minimum consolidated adjusted interest coverage ratio was changed to 1.75 to 1.00 for the fourth quarter, and to 1.85 to 1.00 for the first, second and third quarters of 2010 and to 2.00 to 1.00 thereafter.

And, the maximum consolidated adjusted leverage ratio was modified to 5.85 to 1.00 for the fourth quarter, to 5.35 to 1.00 for the first, second and third quarters of 2010 and to 4.85 to 1.00 thereafter.

The amendment and restatement was effective as of Dec. 10.

Fifth Third Bank is the administrative agent on the deal.

Mapco is a Brentwood, Tenn.-based convenience store chain.

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