IFL Executes Purchase Option for North Houston Fuel Terminal
Posted on: Thursday, 7 August 2008, 06:00 CDT
Houston-based wholesale fuel distributor and fuel terminal operator Adino Energy's wholly owned subsidiary, Intercontinental Fuels, has executed the option to purchase the North Houston fuel terminal next to the George Bush Intercontinental Airport it currently is operating under a leasing agreement.
Under the terms of the purchase option, Intercontinental Fuels (IFL) will purchase the North Houston terminal for $3.55 million.
In connection with the exercise of the purchase option, IFL has signed a non-binding term sheet for a $5 million senior secured debt facility.
Proceeds of the financing are expected to be used for the closing of the purchase of the North Houston terminal, retirement of existing debt and general corporate purposes. Closing of the purchase is anticipated within 60 days, but is subject to obtaining final financing.
Source: Datamonitor
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