USD Partners LP obtains forbearance extension to Nov 3, 2023 under Credit Agreement

USD Partners LP

Forbearance period extended from Oct 10 to Nov 3, 2023; lenders continue to forbear on defaults.
Interest payment due Oct 10, 2023 temporarily waived until Nov 3, 2023.
Borrowers to terminate hedge agreements and apply proceeds to repay $195.9M outstanding debt.
Commitments under Credit Agreement reduced to equal outstanding borrowings; no new loans or letters of credit.
Partnership seeks longer-term solution and advancing commercial discussions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

USD Partners LP amended Waiver Extension Agreement with all the Lenders under the secured Credit Agreement and Bank of Montreal, as administrative agent valued at $195.9 million (effective 2023-10-06).

Action: amendment
Agreement: credit facility
Counterparty: all the Lenders under the secured Credit Agreement and Bank of Montreal, as administrative agent
Value: $195.9 million
Effective: 2023-10-06

Exact text from the filing

On October 6, 2023, USD Partners LP (the “Partnership”) entered into an agreement (the “Waiver Extension Agreement”) with (i) all the Lenders under the secured Credit Agreement (as amended from time to time, the “Credit Agreement”) among the Partnership, USD Terminals Canada ULC, an indirect, wholly-owned subsidiary of the Partnership (together with the Partnership, the “Borrowers”), the subsidiary guarantors party thereto, the lenders party thereto and Bank of Montreal, as administrative agent (the “Administrative Agent”), and (ii) the Administrative Agent.

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USD Partners LP filing history →

Source: SEC EDGAR

accession 0001610682-23-000037

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