Suburban Propane $250 million revolver pricing ranges from Libor plus 300 to 400 bps

By Sara Rosenberg

New York, June 30 - Suburban Propane Partners LP's new $250 million four-year senior secured revolving credit facility carries pricing that can range from Libor plus 300 basis points to 400 bps based on leverage, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The commitment fee can range from 50 bps to 62.5 bps, also based on leverage.

Bank of America and Wachovia acted as the joint lead arrangers and joint bookrunners on the deal that was completed on June 26, with Bank of America the administrative agent.

There is a $150 million accordion feature.

Proceeds were used to refinance the company's existing credit facility that consisted of a $175 million working capital facility and a $108 million term loan, both of which were set to mature in March 2010.

In addition, proceeds are available for general corporate purposes, including working capital, capital expenditures and acquisitions.

At closing, $100 million was drawn under the revolver to help repay the term loan.

Suburban Propane is a Whippany, N.J.-based distributor of propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.