CVR Partners amends ABL facility: maturity to 2028, max credit $50M, incremental to $65M

CVR PARTNERS, LP

Maturity extended to September 26, 2028; Max Credit raised to $50M with incremental facility up to $65M.
EBITDA definition amended: cap on major scheduled turnaround expenses increased to $40M per fiscal year.
Eligible Accounts criteria amended for [***] customer: selling terms 100 days and 25% concentration limit.
New Permitted Indebtedness of up to $25M for Coffeyville Resources Product Supply Agreement added.
Borrowers paid $500,000 amendment fee to lenders on closing date.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CVR PARTNERS, LP amended Amendment No. 1 to Credit Agreement with Wells Fargo Bank, National Association valued at up to $50.0 million (effective 2023-09-26).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: up to $50.0 million
Effective: 2023-09-26

Exact text from the filing

CVR Partners, LP (the “Partnership”), CVR Nitrogen, LP (“CVR Nitrogen”), East Dubuque Nitrogen Fertilizers, LLC (“East Dubuque”), Coffeyville Resources Nitrogen Fertilizers, LLC (“Coffeyville Resources”), CVR Nitrogen Holdings, LLC (“CVR Nitrogen Holdings”), CVR Nitrogen Finance Corporation (“CVR Finance”) and CVR Nitrogen GP, LLC (“CVR Nitrogen GP” and collectively with the Partnership, CVR Nitrogen, East Dubuque, Coffeyville Resources, CVR Nitrogen Holdings, CVR Finance and CVR Nitrogen GP, the “Credit Parties”) entered into Amendment No. 1 to Credit Agreement (the “Amendment”) with Wells Fargo Bank, National Association, a national banking association (“Wells Fargo”), as administrative agent, collateral agent and a lender.

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Source: SEC EDGAR

accession 0001425292-23-000025

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