TPC Group amends asset-based facility, extending maturity to 2022

By Wendy Van Sickle

Columbus, Ohio, Jan. 30 – TPC Group Inc. amended and extended its revolving asset-based credit facility led by BofA Merrill Lynch and Wells Fargo Bank, NA, according to a press release.

The company extended the facility’s maturity date to January 2022 from December 2017 with similar covenants to the existing ABL.

The ABL is primarily used to provide for day-to-day working capital needs and also provides significant excess liquidity.

“This is an integral part of our capital structure and helps solidify our liquidity for years to come,” Miguel Desdin, TPC Group senior vice president and chief financial officer, said in the press release.

“Based on our 2017 plan, we expect to be cash positive and will maintain an ongoing focus on debt reduction,” said Ed Dineen, TPC Group chairman and chief executive officer, added.

“Therefore, this provides us with a very sizeable insurance policy that will enable us to comfortably manage our business should we encounter any negative headwinds or surprises.”

TPC Group is a Houston-based processor and service provider of value-added products derived from niche petrochemical raw materials.

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