Suburban Propane in-market with $275 million credit facility

By Sara Rosenberg

New York, March 15 - Suburban Propane Partners LP is in-market with a $275 million credit facility, according to a syndicate document. Wachovia is the lead bank on the deal.

The facility, which launched via a bank meeting on Friday, consists of a $75 million 31/2-year revolving credit facility, a $125 million five-year term loan A and a $75 million 31/2-year letter-of-credit facility.

All three tranches are priced with an interest rate of Libor plus 162.5 basis points, the document said.

Proceeds will be used to refinance existing debt.

Suburban Propane is a Whippany, N.J., company involved in the retail and wholesale marketing of propane, heating oil and related products and services.

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