secwatch.observer — SEC 8-K summary
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Issuer:     USD Partners LP (USDP)
CIK:        0001610682
Form:       8-K
Filed at:   2023-02-06T23:59:59+00:00
Accession:  0001193125-23-025703
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

USD Partners LP amends credit agreement to ease covenants, signaling financial strain
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- Maximum consolidated leverage ratio increased to 5.5x for Q1/Q2 2023 and 5.25x for Q3 2023.
- Minimum consolidated interest coverage ratio reduced to 2.25x for Q2 2023 and 2.0x for Q3 2023.
- Distributions restricted if pro forma leverage exceeds 4.5x or liquidity below $20M.
- Borrowing spreads increased and LIBOR replaced with Term SOFR; asset sale proceeds must repay borrowings.
- Amendment effective January 31, 2023; all Loan Parties reaffirmed guaranties and security.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1610682/000119312523025703/0001193125-23-025703-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1610682/000119312523025703/d398691d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-025703

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