Alon USA Plans to Borrow Up to $700M

DALLAS -- Alon USA Energy Inc. plans to borrow up to $700 million. The parent of the ALON and FINA motor fuel brands has employed Goldman Sachs Lending Partners LLC to assist the company in getting a secured tem loan facility.

Alon USA plans to use the loan to repay and retire debt; pay transaction costs and expenses related to retirement plans; and for general corporate purposes.

According to the company's 8-K filing to the U.S. Securities and Exchange Commission (SEC), liens will be placed against all of the company's assets, except for its retail subsidiaries.

Alon USA is the largest 7-Eleven licensee in the United States, operating more than 300 7-Eleven convenience stores in Texas and New Mexico. The company markets motor fuel products under the Alon and FINA brands at these locations and at approximately 610 distributor-serviced locations.