November 17, 2009 (FinancialWire) — Westway Group, Inc. (OTCBB: WTWG) said it has signed a new three year, $175 million senior secured revolving credit facility. The facility is being provided by a nine-bank syndicate led by JPMorgan Chase Bank, N.A. (NYSE: JPM).

The facility replaces a $100 million facility provided by ED & F Man Treasury Management that had been established at the time of the company’s acquisition of the Westway bulk liquid storage and liquid feed businesses.

Westway said the new facility will be used to refinance the around $88 million balance under the ED & F Man credit facility, leaving $87 million of available credit under the new facility for general corporate purposes, which could include among other things working capital, capital expenditures and acquisitions.

The company said that the terms of the new facility are similar to the ED & F Man facility, except for the collateral provided and an accordion feature, which allows the new facility to be expanded to $200 million. The new facility allows borrowing at the LIBOR plus 350 bpts.

New Orleans-based Westway Group is a provider of bulk liquid storage and related services and a manufacturer and distributor of liquid animal feed supplements.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports, filings and conference call webcasts for companies mentioned in the news are available via Investrend Syndications (http://investrend.ar.wilink.com/?level=279). Monday’s issued reports and/or recorded webcasts include Marine Harvest ASA (x: MHG), China GengSheng Minerals, Inc. (OTCBB: CHGS), Skystar Bio-Pharmaceutical Company (OTCBB: SKBI), Fortuna Silver Mines, Inc. (TSX Venture: FVI), LocatePLUS Holdings, Inc. (OTC: LPHC) and Premier Power Renewable Energy, Inc. (OTCBB: PPRW).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.