Azure Midstream extends waiver period, cuts revolver to $214.7 million

By Wendy Van Sickle

Columbus, Ohio, July 1 – Azure Midstream Partners, LP reduced its borrowing capacity under its credit agreement with Wells Fargo Bank, NA as administrative agent to $214.7 million and extended its waiver of certain covenant defaults on Thursday.

Declining commodity prices throughout 2015 and continuing through the first half of 2016 adversely affected the partnership’s ability to comply with the financial covenants included in its secured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission. In March, the company entered into a waiver of certain covenant defaults until June 30. Those waivers have now been extended to Aug. 12.

Azure is a Dallas-based midstream energy company.

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