Exhibit 99.1
News Announcement
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| CONTACT: | | | | |
| Star Gas Partners | | Robert Rinderman, Norberto Aja | | |
| Investor Relations | | Jaffoni & Collins Incorporated | | |
| 203/328-7310 | | 212/835-8500 or SGU@jcir.com | | |
FOR IMMEDIATE RELEASE
Star Gas Partners Amends and Restates $290 Million Credit Facility
STAMFORD, CT (July 2, 2009) – Star Gas Partners, L.P., (the “Partnership”) (NYSE:SGU), a home energy distributor and services provider specializing in heating oil, today announced that it has entered into an amended and restated $290 million credit facility, which may be increased in the future up to $340 million at the Partnership’s request. The amended and restated credit agreement extends the term of the agreement from December 2009 to July 2012. The bank syndication supporting the revolving credit facility is comprised of nine banks, with J.P. Morgan Securities Inc. and Banc of America Securities LLC, acting as Joint Lead Arrangers and Joint Book Managers. JPMorgan Chase Bank, N.A. is serving as Administrative Agent. Bank of America, N.A. is Syndication Agent. RBS Citizens, N.A. is Documentation Agent.
In announcing the revolving credit facility extension, Richard F. Ambury, Chief Financial Officer said, “We are very pleased with this oversubscribed syndication, which extended the term of our credit facility. We were able to attract new banks to the group in these volatile financial markets and also appreciate the support provided by our existing banks.”
Star Gas Partners, L.P., is the nation’s largest retail distributor of home heating oil. Additional information is available by obtaining the Partnership’s SEC filings atwww.sec.gov and by visiting Star’s website atwww.star-gas.com where unitholders may request a hard copy of Star’s complete audited financial statements free of charge.
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