Bank of America arranges financing for Clark Refining & Marketing, Inc.LOS ANGELES--(BUSINESS WIRE)--March 3, 1995--Bank of America arranged a $400 million three-year secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility for Clark Refining & Marketing Inc., a unit of Toronto-based Horsham Corp. Toronto Dominion Bank and Banker's Trust were co-arrangers. The financing will be used primarily for posting letters of credit to support crude purchases in connection with Clark's purchase of Chevron U.S.A. Products Company's Port Arthur Port Arthur, city, Canada Port Arthur: see Thunder Bay, Ont., Canada. Port Arthur, city, China Port Arthur: see Lüshun, China. prime fuels refinery in Texas and to support existing operations. The co-arrangers expect to syndicate the credit facility to other financial institutions in the near future. Clark's deal for the 200,000 barrel per day refinery (and associated inventory) closed this week for approximately $195 million. Clark plans to operate the refinery and terminals at increased throughput levels and plans to improve efficiency. Chevron retains the chemicals and lubricating oil packaging units, as well as the principal responsibility for the environmental cleanup The process of removing solid, liquid, and hazardous wastes, except for unexploded ordnance, resulting from the joint operation of US forces to a condition that approaches the one existing prior to operation as determined by the environmental baseline survey, if one was conducted. of the site. Clark has doubled its U.S. refining capacity with the purchase of the Port Arthur refinery Port Arthur Refinery The first processing units were originally constructed in 1902 by The Texas Company, later Texaco. The roots of this refinery can be traced to the Spindletop oil boom near Beaumont, Texas. , to 340,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. , and is now the fourth-largest independent refiner in the U.S. Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. is a subsidiary of BankAmerica Corporation, the second largest bank holding company in the United States based on assets, with offices in 36 countries. It provides capital markets, credit and banking services to large corporations, nationally and internationally. CONTACT: Bank of America Susan Clevenger Stanley, 415/622-4449 |
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