USD Partners reduces revolver commitments, extends maturity one year

By Marisa Wong

Los Angeles, Nov. 3 – USD Partners LP and indirect wholly owned subsidiary USD Terminals Canada ULC amended on Oct. 29 their existing revolving credit agreement dated Nov. 2, 2018 to decrease aggregate commitments to $275 million from $385 million and extend the maturity date by one year to Nov. 2, 2023, according to an 8-K filing with the Securities and Exchange Commission.

Among other things, the amendment also reflects the resignation of Citibank, NA as administrative agent and swingline lender and the appointment of Bank of Montreal as successor administrative agent and swingline lender.

Under the amended credit agreement, the partnership’s borrowing capacity continues to be limited to 4.5 times its trailing 12-month consolidated EBITDA, which equates to $87.4 million of borrowing capacity available at Sept. 30.

The amendment also includes an option to increase the maximum amount of credit available on the facility to $390 million.

The partnership has the ability to request one additional one-year maturity date extension.

In addition, the amendment sets forth provisions for replacing Libor with a pre-determined alternative benchmark rate.

Based in Houston, USD Partners is a master limited partnership formed to acquire, develop and operate energy-related rail terminals.

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