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February 05, 2016 8:49 PM ET

Specialty Retail

Company Overview of United Refining Company of Pennsylvania, Inc.

Company Overview

United Refining Company of Pennsylvania, Inc. owns and operates 300-plus Kwik Fill and Red Apple gasoline retail and convenience store chains. The company is based in Warren, Pennsylvania. United Refining Company of Pennsylvania, Inc. operates as a subsidiary of United Refining Co.

15 Bradley Street

Warren, PA 16365

United States

Key Executives for United Refining Company of Pennsylvania, Inc.

President
Age: 63
Chief Financial Officer
Age: 70
Compensation as of Fiscal Year 2015.

United Refining Company of Pennsylvania, Inc. Key Developments

United Refining Company, United Refining Company of Pennsylvania, Kiantone Pipeline Corporation, United Refining Company of New York Inc., United Biofuels, Inc., Country Fair, Inc. and Kwik-Fill Corporation Enters into an Amended, Restated and Consolidated Revolving Credit, Term Loan and Security Agreement with PNC Bank

United Refining Company, United Refining Company of Pennsylvania, Kiantone Pipeline Corporation, United Refining Company of New York Inc., United Biofuels, Inc., Country Fair, Inc. and Kwik-Fill Corporation (Borrowers) entered into an Amended, Restated and Consolidated Revolving Credit, Term Loan and Security Agreement with a group of lenders led by PNC Bank, National Association, as Administrative Agent, and PNC Capital Markets LLC, as Sole Lead Arranger and Bookrunner, pursuant to which the Company: (i) increased its existing revolving credit facility from $175,000,000 to $225,000,000 (Revolving Credit Facility); (ii) entered into a term loan in the amount of $250,000,000 (Term Loan); (iii) amended certain representations, warranties, covenants and terms and conditions contained in the Credit Agreement, including the provision of additional collateral in the form of a first lien mortgage on the petroleum refining facility located in Warren, Pennsylvania and the Cobham Park tank farm; and (iv) included additional subsidiaries of the Company as borrowers under the Credit Agreement and re-characterized Kwik Fill Corporation as a borrower and not as a guarantor. Both the Revolving Credit Facility and Term Loan are secured primarily by certain cash accounts, accounts receivable, inventory, the Refinery and the capital stock of Kiantone; provided, that the Refinery and the Kiantone stock will be released as collateral as soon as the Term Loan is paid in full. The Company intends to use the proceeds from the Revolving Credit Facility for working capital needs and general corporate purposes and the proceeds from the Term Loan to finance its cash tender offer (Tender Offer) for any and all of its $237.25 million aggregate principal amount of outstanding 10.500% First Priority Senior Secured Notes due 2018. As amended, interest under the Revolving Credit Facility is calculated as follows: (a) for domestic rate borrowings, at (i) the greater of the Agent's prime rate, federal funds rate plus 0.5% or the daily LIBOR rate plus 1%, plus (ii) an applicable margin of 1.25% to 1.75%, and (b) for euro-rate borrowings, at the LIBOR rate plus an applicable margin of 2.25% to 2.75%. The applicable margin will vary depending on a formula calculating the Company's average unused availability under the facility. Until expiration on October 20, 2020, the Company may borrow on a borrowing base formula.

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