Appointed
Carl Wimberley
Director
USDP ·
USD Partners LP
the Board appointed Carl Wimberley to serve on the Board as a director until the Maturity Date
Ready 8-Ks
31
Latest filing
November 24, 2023, 6:59 PM ET
Top materiality
0.90
Event mix
earnings ×10 · dividend ×7 · debt ×6
Sentiment
7 pos · 12 neg · 12 neu
Executive change
recent →
Recent 8-K filings for USDP
Highest-materiality recent filing
USD Partners LP Amends Revolving Credit Agreement, Extends Maturity to November 2024, Appoints New Director
- Amendment extends Credit Agreement maturity to Nov 2, 2024 and waives prior defaults.
- Interest on loans will be paid in kind by increasing principal quarterly.
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Amendment extends Credit Agreement maturity to Nov 2, 2024 and waives prior defaults.
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USD Partners extends credit agreement forbearance to Nov 21, 2023
Entered Third Waiver Extension Agreement under Credit Agreement extending forbearance period from Nov 17 to Nov 21, 2023.
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USD Partners LP receives NYSE delisting notice, begins trading on OTC Pink
NYSE suspended trading and commenced delisting proceedings for non-compliance with $15M average market cap standard.
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USDP Q3 2023 net loss $2.8M; credit facility matured, forbearance extended to Nov 17
Net loss of $2.8M; Adjusted EBITDA $2.0M; Distributable Cash Flow $0.3M.
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USD Partners extends forbearance under credit agreement to Nov 17, 2023
Second Waiver Extension extends forbearance from Nov 3 to Nov 17, 2023.
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USD Partners LP obtains forbearance extension to Nov 3, 2023 under Credit Agreement
Forbearance period extended from Oct 10 to Nov 3, 2023; lenders continue to forbear on defaults.
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USDP Q2 net income $4.6M, EBITDA down 50%, NYSE non-compliance, distribution suspended
Net income of $4.6M vs $3.8M prior year; Adjusted EBITDA of $5.8M, down 50% YoY.
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NYSE warns USD Partners LP of non-compliance due to unit price below $1.00 average
NYSE notified USDP on July 26, 2023 that its common units' average closing price was below $1.00 over 30 consecutive trading days.
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USDP Q1 net income $2M, DCF negative; distribution suspended, Casper terminal sold for $33M
Net income of $2.0M, down from $7.5M YoY; Adjusted EBITDA $3.3M (down 67%); DCF negative ($1.6M).
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USD Partners LP completes sale of Casper rail terminal for ~$33M cash
Sale closed March 31, 2023 to South 49 Holdings Ltd. for ~$33 million, subject to adjustments.
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USD Partners LP sells Casper rail terminal for ~$33M; proceeds to repay debt
Sold Casper rail terminal to South 49 Holdings Ltd. for ~$33M cash.
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USD Partners Q4 net loss $3.2M; credit facility amended, expires Nov 2023
Q4 2022 net loss of $3.2M vs net income of $4.3M in Q4 2021; Adjusted EBITDA $13.3M, DCF $9.6M.
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USD Partners LP amends credit agreement to ease covenants, signaling financial strain
Maximum consolidated leverage ratio increased to 5.5x for Q1/Q2 2023 and 5.25x for Q3 2023.
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Quarterly cash distribution of $0.1235/unit ($0.494 annualized) payable Feb 17, 2023 to holders of record Feb 8, 2023; unchanged from prior quarter.
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USD Partners LP increases LTIP unit reserve by 3.5M to 7.15M units
Board approved First Amendment to 2014 LTIP, increasing common unit reserve by 3,500,000 to 7,154,167 units.
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USD Partners LP Q3 net loss $69.4M on impairment; DCF down 11%, distribution unchanged
Net loss of $69.4M driven by non-cash impairment of intangible/long-lived assets at Casper terminal.
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USD Partners declares Q3 2022 distribution of $0.1235/unit, unchanged from prior quarter
Quarterly cash distribution of $0.1235 per unit ($0.494 annualized) for Q3 2022, same as prior quarter.
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Closed Hardisty South acquisition for $75M cash + 5.75M common units; eliminated IDRs and economic GP interest.
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USD Partners declares Q2 2022 distribution of $0.1235/unit, unchanged from prior quarter
Quarterly cash distribution of $0.1235 per unit ($0.494 annualized) declared for Q2 2022.
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USD Partners LP provides audited FY2021/2020 financials for acquired Hardisty South Terminal
Acquired entity's 2021 revenue $90.5M (up from $58.3M in 2020); net income $1.5M (up from $0.5M).
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USDP Q1 net income $9M, DCF down 33% YoY; closes Hardisty South acquisition
Net income of $9.0M; Adjusted EBITDA $10.0M; DCF $8.4M; cash distribution raised to $0.1235/unit (2.1% increase).
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USD Partners raises quarterly distribution to $0.1235/unit, sets Q1 earnings call
Quarterly cash distribution increased 2.1% to $0.1235/unit ($0.494 annualized) vs. Q4 2021.
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Acquired Hardisty South Terminal from USD Group for $75M cash and ~5.75M common units.
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USD Partners LP acquires Hardisty South terminal and eliminates IDRs for $75M cash + 5.75M units
Acquires Hardisty South terminal assets from USD Group for $75M in cash + ~5.75M common units.
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USDP Q4 net income $3.6M, DCF $10.7M, distribution raised 2.1%
Q4 2021 net income $3.6M; net cash from ops $9.4M; adjusted EBITDA $11.9M; distributable cash flow $10.7M.
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USD Partners LP declares Q4 2021 distribution of $0.121/unit, up 2.1% sequentially
Quarterly distribution of $0.121/unit ($0.484 annualized), an increase of $0.0025 (2.1%) over Q3 2021.
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USD Partners amends revolver: commitments cut to $275M, maturity extended to Nov 2023
Aggregate revolving commitments reduced from $385M to $275M.
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USD Partners LP Q3 net income $3.8M; Adjusted EBITDA $12.3M; distribution raised 2.2%
Net income $3.8M; Adjusted EBITDA $12.3M; Distributable Cash Flow $10.7M.
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Quarterly cash distribution of $0.1185 per unit declared for Q3 2021, payable Nov 12, 2021 to holders of record Nov 3, 2021.
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USDP Q2 net income $6.7M; distribution raised 2.2%; new renewable diesel project
Adjusted EBITDA $16.3M, DCF $14.4M; Net cash from ops $14.1M (up 160% YoY).
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USD Partners LP declares Q2 distribution increase of 2.2% to $0.116/unit
Quarterly cash distribution of $0.116/unit ($0.464 annualized), up 2.2% from Q1 2021.
Executive changes
Materiality & sentiment trend
Max materiality 0.90 · Median 0.65 · Most common event earnings