USD Partners amends revolving agreement for covenant relief

By Wendy Van Sickle

Columbus, Ohio, Feb. 6 – USD Partners LP and indirect wholly owned subsidiary USD Terminals Canada ULC amended on Jan. 31 their existing revolving credit agreement dated Nov. 2, 2018 to provide the partnership with relief from compliance with the agreement’s maximum consolidated leverage ratio and minimum consolidated interest coverage ratio through the current maturity date, according to a news release.

The relief comes as management works to obtain renewals, extensions or replacements of agreements that expired during 2022 and those that are set to expire this year, the company reported.

“As always, we appreciate the support of our strong and diverse bank group in closing this amendment to our credit facility,” said Adam Altsuler, the partnership’s chief financial officer, in the release. “This amendment will allow us to further manage our liquidity and balance sheet as we progress through this re-contracting phase in 2023.”

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

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