SMART SAND, INC. (NASDAQ:SND) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.Entry into a Material Definitive Agreement.
On February 22, 2019, Smart Sand, Inc. (the “Company”) entered into the Third Amendment to Credit Agreement, by and among the Company, the subsidiary guarantors party thereto, Jefferies Finance, LLC, as administrative agent (in such capacity, the “Administrative Agent”) and collateral agent (in such capacity, the “Collateral Agent”), and the lenders party thereto (the “Amendment”). The Amendment amends the Credit Agreement, dated as of December 8, 2016 and amended as of April 6, 2018 and July 13, 2018 (the “Credit Agreement”).
Among other things, the Amendment (i) extends the maturity date under the Credit Agreement from December 31, 2019 to June 30, 2020, and (ii) decreases the amount available under the credit facility to $50 million over a six month period commencing on June 30, 2019, with a $5 million reduction on June 30, 2019 and a $2.5 million reduction on each of September 30, 2019 and December 31, 2019.
The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 1.01. Creation of a Direct Financial Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The description of the Amendment contained in Item 1.01 in this Current Report on Form 8-K is incorporated by reference into this Item 1.01.
Item 1.01. Financial Statements and Exhibits.
|
Exhibit No. |
Description |
|
10.1 |
Third Amendment to Credit Agreement, dated as of February 22, 2019, among Smart Sand, Inc., as borrower, the subsidiaries of Smart Sand, Inc. party thereto, as guarantors, the lenders party thereto, and Jefferies Finance LLC, as administrative agent and collateral agent
|
Smart Sand, Inc. Exhibit
EX-10.1 2 exhibit101thirdamendmentto.htm EXHIBIT 10.1 Exhibit Exhibit 10.1THIRD AMENDMENT TO CREDIT AGREEMENT This THIRD AMENDMENT TO CREDIT AGREEMENT,…
To view the full exhibit click here
About SMART SAND, INC. (NASDAQ:SND)
Smart Sand, Inc. is a producer of Northern White raw frac sand. The Company sells its products primarily to oil and natural gas exploration and production companies, and oilfield service companies. The Company owns and operates a raw frac sand mine and related processing facility near Oakdale, Wisconsin, at which it has approximately 244 million tons of proven recoverable sand reserves and approximately 92 million tons of probable recoverable sand reserves as of December 31, 2015, respectively. Its Oakdale facility is situated on approximately 1,196 contiguous acres, with on-site processing and rail loading facilities. Its integrated Oakdale facility, with on-site rail infrastructure and wet and dry sand processing facilities, is served by two Class I rail lines. In addition to the Oakdale facility, it owns a second property in Jackson County, Wisconsin, which it calls the Hixton site. Its Hixton site consists of approximately 959 acres in Jackson County, Wisconsin.