SPI Petroleum launches $340 million credit facility

By Sara Rosenberg

New York, June 10 - SPI Petroleum LLC held a bank meeting on Monday to launch its proposed $340 million credit facility, according to a market source.

The facility consists of a $185 million ABL revolver and a $155 million term loan, the source said.

Price talk on the term loan is still to be determined since ratings have yet to emerge, but accounts are being told to expect pricing to come out in the high-200's, the source added.

JPMorgan and PNC are the lead banks on the deal, with JPMorgan the left lead on the term loan and PNC left lead on the revolver.

Proceeds will be used to finance acquisitions.

SPI is an Oklahoma City-based marketer of petroleum products.

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