Chelsea Petroleum to launch roughly $1.1 billion facility on Tuesday

By Sara Rosenberg

New York, July 1 – Chelsea Petroleum Products I LLC is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $1,125,000,000 senior secured credit facility, according to a market source.

The facility consists of a $700 million ABL revolver and a $425 million term loan B, the source said.

Morgan Stanley Senior Funding Inc. and BMO Capital Markets are the leads on the deal, with Morgan Stanley the left lead on the term loan B and BMO the left lead on the ABL.

Proceeds will be used to help fund the buyout of the company by ArcLight Capital Partners from Cumberland Farms.

Chelsea Petroleum is a midstream oil and gas company.

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