Boeing Capital Agrees on Loan to Huntway

Boeing Capital Corp., a subsidiary of Boeing Co., has agreed to lend $16.2 million to Huntway Refining Co. to help the Newhall-based maker of asphalt products retire old debt and improve a company refinery in Benicia.

The funds, which were issued in the form of senior debt, give Boeing Capital the first lien on the refinery’s assets.

Huntway already has secured permits for improvements to the Benicia facility that will allow it to increase crude oil production from a maximum of 9,000 barrels per day to an average of 10,000 per day.

Emissions from the Northern California refinery will be reduced by more than 15% as a result of the improvements, the company said.