Penn Product Terminals to launch $700 million facility on Thursday

By Sara Rosenberg

New York, March 17 – Penn Product Terminals LLC is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on Thursday to launch a $700 million first-lien credit facility, according to a market source.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

The facility consists of a $125 million revolver and a $575 million term loan B, the source said.

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

Penn Product, previously known as Petroleum Products Corp., is a refined product terminal storage business in Pennsylvania.

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