Empire Petroleum to get amended, restated $250 million revolver

By Susanna Moon

Chicago, May 12 – Empire Petroleum Partners, LP expects to amend and restate its revolving credit facility as a new $250 million revolver with a maturity of 2020, according to an S-1 filing with the Securities and Exchange Commission.

The company said it expects the new facility to include a $75 million accordion provision.

Proceeds will be available to finance a series of formation transactions, working capital, capital expenditures, permitted acquisitions and general corporate purposes, including permitted distributions.

As part of the formation transactions, Empire Petroleum Partners, LLC will contribute substantially all of its assets and liabilities to Empire Petroleum Partners, LP, and the latter will have an initial public offering.

In January, the company amended and restated the revolver, pushing out the maturity until Jan. 8, 2020, upsizing it from $150 million and raising the swingline commitment sublimit to $25 million from $15 million.

The company’s $35 million letter-of-credit sublimit was unchanged.

In connection with the amendment, the company said it incurred $1.7 million of financing costs that will be deferred and amortized over the life of the revolver.

Substantially all of the company’s assets are pledged as collateral under the facility.

Empire is a fuel distributor based in Dallas.

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