Shearman & Sterling advised Petroleum Heat & Power as Borrower in connection with the refinancing of its existing syndicated credit facilities to provide for (i) a new $165 million 5-year term loan facility, and (ii) a new $550 million 5-year revolving credit facility (of which $150 million is only available to the Borrower from December through to April of each year), in each case, for its general corporate purposes.
Headquartered in Stamford, Connecticut, Petroleum Heat and Power offers, among other things, home heating, cooling, and plumbing services in the United States. It offers home heating oil and propane services such as heating oil pricing and payment plans, propane delivery and services, heating equipment, equipment service plans, equipment repair and installation services. The company also provided plumbing services such as drain cleaning, well systems and sump pumps, water filtration and softeners, and garbage disposal services and serves customers through its representatives in the United States.
The Shearman & Sterling team below included associates Greg Wolszczak, Josh Montebello (both NY–Finance) and Christina Simpson (Toronto–Finance).