UPDATE 1-Suburban Propane secures $250 mln credit facility

* Borrowed $100 mln from new credit facility

* Repaid outstanding $108 mln of previous agreement

June 29 (Reuters) - Suburban Propane Partners LP (SPH.N), a propane and fuel oil distributor, said its operating subsidiary established a new $250 million senior credit facility to replace a previous credit agreement, which was set to mature in March 2010.

The company said it borrowed $100 million under the new credit facility and along with the cash on hand, repaid the $108 million previously outstanding on its term loan facility. Proceeds from the new facility will be used to for general corporate purposes, including working capital, capital expenditures and acquisitions, the company said.

The previous revolving credit agreement consisted of a $175 million working capital facility and a separate $108 million term loan.

The new credit facility, which is supported a group of 13 banks led by Banc of America Securities LLC and Wachovia Capital Markets LLC, may be increased in up to $400 million under certain circumstances, the company said.

Shares of the company closed at $42.51 Friday on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Jarshad Kakkrakandy)