10:57 AM EDT, 10/01/2024 (MT Newswires) -- Star Group ( SGU ) said Tuesday that it has obtained a seventh amended and restated asset-based credit facility.

The facility, which will mature in September 2029, allows a Star unit to borrow up to $400 million -- or $475 million during the heating season from December through April each year -- on a revolving line of credit for working capital purposes, Star said, adding the facility includes up to $25 million in letters of credit.

The facility also has a $210 million five-year term loan, the company said, adding funds from the loan will be used to repay $132.1 million in debt, while the balance of $77.9 million will be for acquisitions and general corporate purposes.

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