Crown Central in Credit Accord

Crown Central Petroleum has signed a three-year, $275-million secured credit agreement with a 16-bank consortium.

The financial package replaces previous service station loans and revolving credit agreements and makes available about $200 million in commitments for letters of credit, according to the company.

Chairman Henry A. Rosenberg Jr. said the credit commitments would “provide greater flexibility in purchasing crude oil and refined products.” Also, he said, the “agreement will strengthen Crown’s working capital position over the next few years.”