United Refining Increases Bank Credit Facility

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United Refining Increases Bank Credit Facility

11/25/2008
WARREN, Pa. -- United Refining Co., a regional refiner and marketer of petroleum products, and operator of Kwik Fill, Red Apple and Country Fair stores, completed 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 Nov. 21, 2008. The facility expires Nov. 27, 2011, and is secured by certain cash accounts, accounts receivable and inventory, the company said in a statement.

This amendment provides United Refining greater flexibility relative to its cash flow requirements in light of market fluctuations, particularly involving crude oil prices and seasonal business cycles, the company said. The improved liquidity resulting from the expansion of the facility will assist United Refining in meeting its working capital and ongoing capital expenditure needs and for general corporate purposes.

United owns and operates a 70,000 barrel per day refinery here. In addition to its wholesale markets, the refiner/marketer operates 369 Kwik Fill/Red Apple and Country Fair convenience stores, primarily in western New York and western Pennsylvania.