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| FTO > SEC Filings for FTO > Form 8-K on 20-Aug-2008 | All Recent SEC Filings |
20-Aug-2008
Entry into a Material Definitive Agreement, Creation of a Direct Financia
On August 19, 2008, Frontier Oil and Refining Company ("FORC"), a wholly-owned subsidiary of Frontier Oil Corporation (the "Company"), and the Company entered into a Fourth Amended and Restated Revolving Credit Agreement (the "New Credit Agreement") with Union Bank of California, N.A. and other banks listed on Schedule 1 thereto, as lenders, Union Bank of California, N.A., as administrative agent, and BNP Paribas, as syndication agent. See "Item 2.03 - Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant" for a description of the material revisions made to the Third Amended and Restated Revolving Credit Agreement, dated as of October 1, 2007, as amended (the "Old Agreement"), among the same parties.
The New Credit Agreement described in Item 1.01 of this Current Report on Form 8-K amended and restated in its entirety our Old Credit Agreement to, among other things:
· increase the maximum commitment amount from $350 million to up to $500 million;
· extend the termination date of the credit facility to August 17, 2012;
· increase the applicable margin by 50 basis points to a range from 1.50% to 2.00% plus the base rate or LIBOR rate, as applicable;
· decrease the permitted consolidated long-term funded indebtedness to consolidated EBITDA ratio from 4.00 to 3.50;
· add a current ratio covenant that will not permit the ratio of current assets to current liabilities to be less than 1.00 to 1.00; and
· amend certain provisions no longer relevant to the business and operations of FORC and the Company.
The above description of the New Credit Agreement does not purport to be a complete statement of the parties' rights and obligations under the New Credit Agreement. The above statements are qualified in their entirety by reference to the New Credit Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.
Exhibit
Number Description
10.1 Fourth Amended and Restated Revolving Credit Agreement, dated as of August 19, 2008, among, Frontier Oil and Refining Company, Frontier Oil Corporation, Union Bank of California, N.A., as administrative agent, BNP Paribas, as syndication agent and the other lenders specified therein.
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