SPRAGUE RESOURCES LP (NYSE:SRLP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Borrower) and Kildair Service ULC (the Canadian Borrower and
together with the U.S. Borrower, the Borrowers), the several
banks and other financial institutions party thereto and JPMorgan
Chase Bank, N.A., in its capacity as administrative agent (the
Administrative Agent), entered into an Amendment (the Credit
Agreement Amendment) to that certain Amended and Restated Credit
Agreement by and among the Borrowers, the banks and financial
institutions party thereto and the Administrative Agent, dated as
of December 9, 2014, as previously amended (the Credit
Agreement).
maturity from December 9, 2019 to April 27, 2021. In addition,
the Credit Agreement Amendment reduced the pricing on acquisition
facility loans and letters of credit such that the applicable
margin with respect to any acquisition facility base rate loan
ranges from 1.25% to 2.25% and with respect to any acquisition
facility Eurocurrency loan or letter of credit ranges from 2.25%
to 3.25% based on our consolidated total leverage ratio. The
Credit Agreement Amendment also made a number of discrete
modifications to the Credit Agreement including a $50,000,000
decrease in the Dollar Working Capital Facility commitments, a
$20,000,000 decrease in the Multicurrency Working Capital
Commitments, changes to dollar caps applicable to certain
elements of the borrowing base related to unrealized forward
gains on certain forward contracts, amendments to the total
consolidated leverage covenant to allow for temporary increases
in leverage for three fiscal quarters following material
acquisitions, changes to the capital expenditures covenant to
allow for increased amounts of capital expenditures, and
amendments to allow the Borrowers additional time to create and
perfect security interests over newly acquired assets.
a complete description of the Credit Agreement Amendment and is
qualified in its entirety by reference to the Credit Agreement
Amendment, which is filed as Exhibit 10.1 hereto 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. |
herein by reference.
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Item 9.01
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Financial Statements and Exhibits.
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EXHIBIT
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DESCRIPTION
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10.1
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Amendment to Amended and Restated Credit Agreement,
dated April 27, 2017 among Sprague Operating Resources LLC, as U.S. borrower, Kildair Service ULC, as Canadian borrower, the several lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. |
About SPRAGUE RESOURCES LP (NYSE:SRLP)
Sprague Resources LP is engaged in the purchase, storage, distribution and sale of refined products and natural gas, and provides storage and handling services for a range of materials. The Company operates through four segments: refined products, natural gas, materials handling and other operations. Its refined products segment purchases a range of refined products, such as heating oil, diesel fuel, residual fuel oil, asphalt, kerosene, jet fuel and gasoline from refining companies, trading organizations and producers, and sells them to its customers. Its natural gas segment purchases, sells and distributes natural gas to commercial and industrial customers in the Northeast and Mid-Atlantic United States. Its materials handling segment offloads, stores and prepares for delivery a range of customer-owned products, including asphalt, clay slurry, salt and gypsum. The Company’s other operations segment includes sale of coal and commercial trucking activity. SPRAGUE RESOURCES LP (NYSE:SRLP) Recent Trading Information
SPRAGUE RESOURCES LP (NYSE:SRLP) closed its last trading session up +0.60 at 25.80 with 53,535 shares trading hands.
