Westway Group gets $175 million revolving facility led by JPMorgan

By Sara Rosenberg

New York, Nov. 16 - Westway Group Inc. closed on a new $175 million three-year senior secured revolving credit facility, according to a news release.

JPMorgan acted as the lead bank on the deal. The syndicate also includes Regions Bank, Capital One, Compass Bank, Rabobank, Suntrust Bank, Whitney National Bank, Societe Generale and CoBank.

Pricing on the revolver is Libor plus 350 basis points.

There is a $200 million accordion feature.

Proceeds were used to replace a $100 million facility provided by ED & F Man Treasury Management plc, repaying the $88 million balance under that existing deal.

The revolver can also be used for general corporate purposes.

Westway is a New Orleans-based provider of bulk liquid storage and a manufacturer and distributor of liquid animal feed supplements.

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