Frontier Oil gets $500 million amended and restated revolver

By Sara Rosenberg

New York, Aug. 20 - Frontier Oil and Refining Co. closed on a $500 million four-year amended and restated revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Union Bank of California is the administrative agent on the deal that was completed on Aug. 19 and BNP Paribas is the syndication agent.

Pricing on the revolver can range from Libor plus 150 basis points to 200 bps.

Covenants include a permitted consolidated long-term funded indebtedness to consolidated EBITDA ratio of 3.50 and a ratio of current assets to current liabilities of 1.00 to 1.00.

The facility replaces the company's previous $350 million revolver that was priced 50 bps lower.

Frontier Oil is a Houston-based refiner of crude oil and marketer of refined petroleum products.

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