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.
