Flint Hills subsidiary enters into $290 million unsecured revolver

By Jennifer Chiou

New York, July 22 – Flint Hills Resources, LLC subsidiary FHR Propylene, LLC entered into a $290 million unsecured revolving credit with FHR Liquidity Holdings I, LLC as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility is in connection with the July 16 merger of PetroLogistics LP with FHR Propylene, with PetroLogistics surviving the merger as an indirect subsidiary of Flint Hills.

PetroLogistics was then merged with and into PL Propylene LLC.

The facility matures on July 1, 2020.

Also in connection with the merger, FHR Propylene received a contribution in the form of a $500 million demand note receivable with Flint Hills, which is payable by Flint Hills.

In addition, FHRHC and Finance Corp. entered into a supplemental indenture with trustee Wells Fargo Bank, NA to amend the indenture to issue $365 million principal amount of 6¼% senior notes due 2020.

Based in Wichita, Kan., the borrower is a refining, chemicals and biofuels company.

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