Petroleum Heat amends loan to extend maturity, lift size to $450 million

By Tali Rackner

Minneapolis, Jan. 14 - Petroleum Heat and Power Co., Inc. amended and restated its credit facility agreement with JPMorgan Chase Bank, NA, extending the maturity to June 2017, or January 2019 if certain conditions of the facility are met, and increasing the size by $100 million to $450 million, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America, NA acted as co-syndication agent with RBS Citizens, NA as co-syndication agent, Key Bank NA, Regions Bank, Wells Fargo Capital Finance, LLC and BMO Harris Bank, NA as co-documentation agents.

As of Jan. 14, the closing date, $94.3 million was outstanding and $46.5 million in letters of credit were outstanding under the second amended facility.

Petroleum Heat and Power is an indirect subsidiary of Star Gas Partners, LP, a Stamford, Conn.-based retail distributor of home heating oil.

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