Approved Oil gets $160 million restated asset-based revolver

By Marisa Wong

Los Angeles, Nov. 7 – Approved Oil Co. of Brooklyn, Inc. announced it entered an amended and restated asset-based credit facility that expires in October 2027 and gives the borrower the ability to borrow up to $160 million on a revolving line of credit for working capital purposes.

The credit facility includes an up to $25 million accordion, for a total of $185 million, according to a press release.

The bank syndicate supporting the credit facility is comprised of four participants: JPMorgan Chase Bank, NA as administrative agent, Manufacturers and Traders Trust Co., Bank United, NA and Atlantic Union Bank.

Approved Oil is a family-owned energy distributor and full-service energy provider based in Brooklyn, N.Y.

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