Amendment No. 1 to Credit Agreement
As previously disclosed, on May 3, 2019, Pilot Travel Centers LLC, a Delaware limited liability company (“Lender”), entered into a Line of Credit, Guarantee and Security Agreement (the “Agreement”) with Nixon Product Storage, LLC, a Delaware limited liability company (“Borrower”), Lazarus Refining & Marketing, LLC, a Delaware limited liability company (“LRM”and, together with the Borrower, the “Grantors”), Lazarus Energy LLC, a Delaware limited liability company (“LE”), Blue Dolphin Energy Company, a Delaware corporation (“Blue Dolphin” or “Pledgor”, and Grantors and LE being wholly-owned subsidiaries of Blue Dolphin), and Lazarus Energy Holdings LLC, a Delaware limited liability company (“LEH”), whereby Lender agreed to extend a line of credit to Borrower in an aggregate principal amount of $12,800,000. The Agreement is primarily being used to finance NPS\’ purchase of crude oil from Lender to certain purchase and supply agreements and to provide working capital. The parties to the Agreement subsequently entered into amendments to the line of credit on May 9, 2019 and May 10, 2019 (as so amended, the “Credit Agreement”).
The parties hereto entered into Amendment No. 1 to the Credit Agreement (the “Amended Credit Agreement”) effective September 3, 2019. The Amended Credit Agreement was fully executed by all parties on September 9, 2018. The Amended Credit Agreement provides for, among other things:
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An advance of $200,000 by Lender to Borrower, increasing the aggregate principal amount under the Amended Credit Agreement to $13,000,000.
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Pre-payment by Borrower to Lender in a principal amount equal to the amount set forth opposite such date below, together with accrued and unpaid interest thereon:
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information in Item 1.01 is incorporated by reference in this Item 2.03.
Item 9.01.
Financial Statements and Exhibits.
BLUE DOLPHIN ENERGY CO ExhibitEX-10.1 2 bdco_ex101.htm AMENDMENT NO. 1 TO LINE OF CREDIT Blueprint Exhibit 10.1 AMENDMENT NO. 1 TO CREDIT AGREEMENT This AMENDMENT NO. 1 TO CREDIT AGREEMENT,…
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About Blue Dolphin Energy Company (OTCMKTS:BDCO)
Blue Dolphin Energy Company (Blue Dolphin) is an independent refiner and marketer of petroleum products. The Company’s primary asset is an approximately 15,000 barrels per day (bpd) crude oil and condensate processing facility that is located in Nixon, Texas (the Nixon Facility). The Nixon Facility is situated on approximately 60 acres in Nixon, Wilson County, Texas. The Company operates through two segments: Refinery Operations and Pipeline Transportation. Business activities related to its refinery operations business segment are conducted at the Nixon Facility. Business activities related to its pipeline transportation business segment are primarily conducted in the Gulf of Mexico through the Company’s pipeline assets and leasehold interests in oil and gas properties. As part of its refinery business segment, it conducts petroleum storage and terminaling operations under third-party lease agreements at the Nixon Facility.
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