United Refining Increases Bank Credit Facility to $130 Million
Improved liquidity will assist in meeting working capital needs
WARREN, Pa. -- United Refining Co., a leading regional refiner and marketer of petroleum products, has announced the completion of an amendment to its secured revolving credit facility led by PNC Bank. The amendment increases the facility commitment from $100 million to $130 million effective November 21, 2008.
The facility expires on November 27, 2011, and is secured by certain cash accounts, accounts receivable and inventory.
This amendment provides the company greater flexibility relative to its cash flow requirements in light of market fluctuations, particularly [image-nocss] involving crude oil prices and seasonal business cycles, it said. The improved liquidity resulting from the expansion of the facility will assist the company in meeting its working capital, ongoing capital expenditure needs and for general corporate purposes.
United Refining owns and operates a 70,000-barrells-per-day (bpd) refinery in Warren, Pa. In addition to its wholesale markets, the company also operates 369 Kwik Fill/Red Apple and Country Fair retail gasoline and convenience stores located primarily in western New York and western Pennsylvania.