OCI Partners LP (NASDAQ:OCIP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement.
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Amendment No. 6 to Revolving Credit Agreement
The description of the RCA Amendment No. 6 (as defined below)
provided under Item 2.03 of this Current Report on Form 8-K is
incorporated into this Item 1.01 by reference. A copy of the RCA
Amendment No. 6 is filed as Exhibit 10.1 to this Current Report
on Form 8-K and is incorporated herein by reference.
provided under Item 2.03 of this Current Report on Form 8-K is
incorporated into this Item 1.01 by reference. A copy of the RCA
Amendment No. 6 is filed as Exhibit 10.1 to this Current Report
on Form 8-K and is incorporated herein by reference.
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Item 2.03
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Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
Amendment No. 6 to Revolving Credit Agreement
On January 4, 2017, OCI Beaumont LLC (OCIB) and OCI Partners LP
(the Partnership) entered into Amendment No. 6 (the RCA Amendment
No. 6) to the Revolving Credit Agreement dated as of April 4,
2014 (as previously amended by that certain Amendment No. 1 dated
as of June 13, 2014, that certain Amendment No. 2 dated as of
March 12, 2015, that certain Amendment No. 3 and Waiver dated as
of October 16, 2015, that certain Amendment No. 4 dated as of
March 11, 2016, that certain Amendment No. 5 dated as of March
17, 2016 and as so amended by RCA Amendment No. 6, the Revolving
Credit Facility) with Bank of America, N.A., as administrative
agent, and the other lenders party thereto. RCA Amendment No. 6,
among other things, (i) added a maximum consolidated senior
secured net leverage ratio covenant of (a) 6.25 for the quarter
ending March 31, 2017, (b) 5.50 for the quarters ending June 30,
2017 and September 30, 2017, and (c) 5.25 for the quarter ending
December 31, 2017, (ii) added a minimum consolidated interest
coverage ratio of (a) 1.25 for the quarters ending December 31,
2016 and March 31, 2017, (b) 1.50 for the quarter June 30, 2017,
(c) 1.75 for the quarter ending September 30, 2017 and (d) 2.25
for the quarter ending December 31, 2017, (iii) extended the
maturity of the Revolving Credit Facility until March 31, 2018,
(iv) increased the applicable margin by 1.25%, (v) set the
specified liquidity target to be met on a quarterly basis, (vi)
added a requirement that proceeds from certain types of debt
incurrences be used to clean-up the revolver, (vii) introduced
the recurring reduction of the total revolving loan commitment
beginning with the quarter ending June 30, 2017 and continuing at
the end of each quarter thereafter, (viii) added a requirement
that the general liens basket only be used when the consolidated
senior secured net leverage ratio does not exceed 2.75 to 1.00
and (ix) updated the computation of certain financial covenants
to exclude interest incurred under the Intercompany Term Facility
and the Intercompany Revolving Facility.
(the Partnership) entered into Amendment No. 6 (the RCA Amendment
No. 6) to the Revolving Credit Agreement dated as of April 4,
2014 (as previously amended by that certain Amendment No. 1 dated
as of June 13, 2014, that certain Amendment No. 2 dated as of
March 12, 2015, that certain Amendment No. 3 and Waiver dated as
of October 16, 2015, that certain Amendment No. 4 dated as of
March 11, 2016, that certain Amendment No. 5 dated as of March
17, 2016 and as so amended by RCA Amendment No. 6, the Revolving
Credit Facility) with Bank of America, N.A., as administrative
agent, and the other lenders party thereto. RCA Amendment No. 6,
among other things, (i) added a maximum consolidated senior
secured net leverage ratio covenant of (a) 6.25 for the quarter
ending March 31, 2017, (b) 5.50 for the quarters ending June 30,
2017 and September 30, 2017, and (c) 5.25 for the quarter ending
December 31, 2017, (ii) added a minimum consolidated interest
coverage ratio of (a) 1.25 for the quarters ending December 31,
2016 and March 31, 2017, (b) 1.50 for the quarter June 30, 2017,
(c) 1.75 for the quarter ending September 30, 2017 and (d) 2.25
for the quarter ending December 31, 2017, (iii) extended the
maturity of the Revolving Credit Facility until March 31, 2018,
(iv) increased the applicable margin by 1.25%, (v) set the
specified liquidity target to be met on a quarterly basis, (vi)
added a requirement that proceeds from certain types of debt
incurrences be used to clean-up the revolver, (vii) introduced
the recurring reduction of the total revolving loan commitment
beginning with the quarter ending June 30, 2017 and continuing at
the end of each quarter thereafter, (viii) added a requirement
that the general liens basket only be used when the consolidated
senior secured net leverage ratio does not exceed 2.75 to 1.00
and (ix) updated the computation of certain financial covenants
to exclude interest incurred under the Intercompany Term Facility
and the Intercompany Revolving Facility.
The foregoing description of the RCA Amendment No. 6 is not
complete and is qualified in its entirety by reference to the
full text of the RCA Amendment No. 6, which is filed as Exhibit
10.1 to this Current Report on Form 8-K and incorporated into
this Item 2.03 by reference.
complete and is qualified in its entirety by reference to the
full text of the RCA Amendment No. 6, which is filed as Exhibit
10.1 to this Current Report on Form 8-K and incorporated into
this Item 2.03 by reference.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits
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Exhibit No.
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Description
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10.1
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Amendment No. 6, dated as of January 4, 2017, among OCI
Beaumont LLC, OCI Partners LP, Bank of America, N.A., as administrative agent, and the other lenders party thereto, to the Revolving Credit Agreement dated as of April 4, 2014 |
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