Western Refining gets $300 million five-year revolver with Well Fargo

By Susanna Moon

Chicago, Oct. 22 - Western Refining Logistics, LP obtained a $300 million five-year senior secured revolving credit facility on Oct. 16 with Well Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans will range from Libor plus 175 basis points to 275 bps, based on leverage. The unused fee is 30 bps to 50 bps.

The agreement includes a $25 million sublimit for standby letters of credit and a $10 million sublimit for swing line loans.

The company may opt to increase the maximum amount of the revolver by up to $200 million for a total facility size of up to $500 million with additional commitments.

The agreement requires the company to maintain consolidated EBITDA to interest expense of at least 2.5 times; funded debt to consolidated EBITDA of no more than 4 times; and after the company has issued at least $100 million of unsecured notes, funded debt secured by liens (net of up to $20 million of unrestricted cash) to consolidated EBITDA of no more than 3.5 times.

The facility expires on Oct. 16, 2018.

Western Refining is an El Paso-based petroleum refining and marketing company.

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