Lehigh Gas amends revolver terms, lifts borrowing cap to $324 million

By Susanna Moon

Chicago, May 13 - Lehigh Gas Partners LP lifted the borrowing cap on its revolving credit facility to $324 million and added an accordion to borrow up to $429 million total, according to an 8-K filed with the Securities and Exchange Commission.

The company increased the borrowing limit by $75 million from $249 million.

Lehigh amended its credit agreement Monday with KeyBank NA as administrative agent.

Under the new terms, the company will be required to maintain a combined leverage ratio of no more than 4.75 times through Dec. 31, 2014 and 4.6 times after that. Before, the company was required to maintain a combined leverage ratio of 4.4 times through Dec. 31 and 4.25 times after that.

Revolver terms

On Oct. 30, 2012 the company closed on a $249 million three-year revolving credit facility that priced at Libor plus 275 basis points with a 50 bps unused fee, as previously reported.

Pricing ranges from Libor plus 225 bps to 350 bps and the unused fee ranges from 37.5 bps to 50 bps, based on leverage.

KeyBank and RBS Citizens were the joint lead arrangers and bookrunners.

There was a $75 million accordion feature.

Lehigh is an Allentown, Pa.-based wholesale distributor of motor fuels and owner and leaser of real estate used in the retail distribution of motor fuels.

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