Mapco Express amends credit facility, increasing size to $200 million

By Sara Rosenberg

New York, Dec. 29 - Mapco Express Inc. amended its revolving credit facility, extending certain commitments and adding new commitments so that the facility size was increased to $200 million, according to an 8-K filed with the Securities and Exchange Commission.

The amended revolver matures on Dec. 23, 2015, whereas it was previously set to expire in April 2011.

Pricing on the revolver is initially set at Libor plus 400 basis points. The spread can range from Libor plus 325 bps to 400 bps based on leverage.

Financial covenants include a consolidated leverage ratio, a consolidated fixed-charge coverage ratio and a consolidated adjusted leverage ratio.

There is a $75 million accordion feature.

Fifth Third Bank is the administrative agent on the deal.

The amendment was completed on Dec. 23.

In connection with the amendment, the company's term loan was terminated.

Mapco is a convenience store chain that is a wholly owned subsidiary of Brentwood, Tenn.-based Delek US Holdings Inc.

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