BLUE BELL, Pa. - Castle Energy Corp. said its subsidiary, Indian Refining Limited Partnership, has obtained a commitment from Societe Generale of France to fund a $120 million seven-year senior credit facility.
Loan proceeds will be used to retire approximately $55 million of existing senior indebtedness with Sanwa Business Credit Corp., pay certain subordinated obligations, and fund about $57 million of capital projects at Indian's refinery in Lawrenceville, Ill.
The credit facility will be secured by a first lien on Indian's property, plant, and equipment.
