Coffeyville Puts Off Amendment for New Debt
February 22, 2010
Coffeyville Resources has put off its effort to secure a credit agreement amendment that would allow it to price at least $150 million in new debt, according to Standard & Poor’s Leveraged Commentary and Data.
The Sugar Land, Texas-based petroleum refining company plans to use proceeds from the $150 million second-lien debt on order to repay a $150 million first-lien term loan due 2012.
The company initially sought to have the amendment secured by Feb. 12, but moved the deadline to Feb. 18 before postponing it again last week, according to the S&P report.
The company also has a $60 million letter of credit facility due 2011 and a $775 million term loan B that matures in 2013.
A company representative was not immediately available for comment.
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