USD Partners LP amended revolving credit with Bank of Montreal, as administrative agent at interest owing on each loan under the Credit Agreement after the Effective Date, maturing November 2, 2024.
“the Amendment extends the maturity date under the Credit Agreement to November 2, 2024 and waives prior defaults under the Credit Agreement. The Amendment also provides that interest owing on each loan under the Credit Agreement after the Effective Date, shall be paid in kind by ratably increasing the amount of principal of the applicable loan by the amount of such interest due, on a quarterly basis, on each applicable interest payment date.”
Material Agreements
USD Partners LP amended Amendment No. 5 to Revolving Credit Agreement with Bank of Montreal, as administrative agent valued at Extends maturity to November 2, 2024; interest paid in kind; mandatory prepayment from asset sales a (effective 2023-11-21).
“On November 21, 2023 (the “Effective Date”), USD Partners LP (the “Partnership”) and USD Terminals Canada ULC, an indirect, wholly-owned subsidiary of the Partnership (together with the Partnership, the “Borrowers”), and the subsidiary guarantors party thereto (together with the Borrowers, the “Loan Parties”), entered into Amendment No. 5 (the “Amendment”) to the Borrowers’ existing revolving credit agreement, dated as of November 2, 2018 (as so amended and as previously amended, the “Credit Agreement”), with the lenders party thereto and Bank of Montreal, as administrative agent (the “Administrative Agent”).”
Carl Wimberley was appointed as Director at USD Partners LP.
“the Board appointed Carl Wimberley to serve on the Board as a director until the Maturity Date”
Material Agreements
USD Partners LP entered into Third Waiver Extension Agreement with all the lenders under the secured Credit Agreement and Bank of Montreal, as administrative agent (effective 2023-11-17).
“On November 17, 2023, USD Partners LP (the “Partnership”) entered into an agreement (the “Third Waiver Extension Agreement”) with (i) all the lenders (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 and Bank of Montreal, as administrative agent (the “Administrative Agent”), and (ii) the Administrative Agent.”
Listing & Compliance Notices
USD Partners LP received a nyse delisting notice notice regarding market value (rules 802.01B).
“November 15, 2023, USD Partners LP (the “Partnership”) received a written notice from the staff of NYSE Regulation notifying the Partnership that NYSE Regulation had determined to commence proceedings to delist the Partnership’s common units from the New York Stock Exchange (“NYSE”). Trading in the Partnership’s common units on the NYSE was suspended after the market close on November 15, 2023. NYSE Regulation reached its decision to delist the common units pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Partnership had fallen below the NYSE’s continued listing stan”
Earnings Releases
USD Partners LP reported three and nine months ended September 30, 2023 results: net income $2.8 million.
“USD Partners LP (the “Partnership”) issued a press release announcing its operating and financial results for the three and nine months ended September 30, 2023.”
Material Agreements
USD Partners LP amended Second Waiver Extension Agreement with Lenders and Bank of Montreal, as Administrative Agent (effective 2023-11-01).
“On November 1, 2023, USD Partners LP (the “Partnership”) entered into an agreement (the “Second Waiver Extension Agreement”) with (i) all the lenders (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 and Bank of Montreal, as administrative agent (the “Administrative Agent”), and (ii) the Administrative Agent.”
Material Agreements
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).
“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.”
Earnings Releases
USD Partners LP reported three and six months ended June 30, 2023 results: net income $4.6 million.
“Financial highlights with respect to the second quarter of 2023 include the following: • Generated Net Income of $4.6 million • Reported Net Cash Used in Operating Activities of $1.3 million, Adjusted EBITDA (1) of $5.8 million and Distributable Cash Flow (1) of $1.1 million • Announced new three-month, rail-to-truck Terminalling Services Agreement with a third-party customer at the Partnership’s Stroud Terminal; the new customer is entering into the agreement as a trial period to test the Stroud Terminal as a destination for its waxy crude oil production out of the Uinta Basin “During the second quarter, we remained focused on existing and new commercial opportunities at the Partnership’s Hardisty and Stroud terminals and our DRUbitTM by RailTM network, and we remain optimistic that this focus will lead to longer-term, take-or-pay commitments with our new and existing customers, in the”
Listing & Compliance Notices
USD Partners LP received a nyse noncompliance notice notice regarding minimum bid price (rules 802.01C).
“July 26, 2023, USD Partners LP (the “Partnership”) received a notice from the New York Stock Exchange (“NYSE”) that it is not in compliance with the continued listing criteria under Section 802.01C of the NYSE's Listed Company Manual, because the average closing price of the Partnership's common units was less than $1.00 over a consecutive 30 trading-day period. Under the applicable rules of the NYSE, the Partnership will respond to the NYSE within ten business days of receipt of the non-compliance notice with respect to its intent to cure the deficiency to regain compliance with the average c”
Earnings Releases
USD Partners LP reported financial results for three months ended March 31, 2023.
“On May 3, 2023, USD Partners LP (the “Partnership”) issued a press release announcing its operating and financial results for the three months ended March 31, 2023.”
M&A Transactions
USD Partners LP completed a disposition involving South 49 Holdings Ltd. for approximately $33 million (closed 2023-03-31).
“to that certain Membership Interest Purchase Agreement, dated March 20, 2023, by and between Seller and Buyer (the “Purchase Agreement”), for cash consideration of approximately $33 million, subject to customary adjustments. --- EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 April 3, 2023 USD Partners LP Announces Closing of Casper Terminal Sale Houston, TX – A”
Material Agreements
USD Partners LP entered into Membership Interest Purchase Agreement with South 49 Holdings Ltd. valued at approximately $33 million (effective 2023-03-20).
“On March 20, 2023, USDP CCR LLC (the “Seller”), an indirect, wholly-owned subsidiary of USD Partners LP (the “Partnership”), entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with South 49 Holdings Ltd., a member of the Midstream Energy Partners group of companies (collectively, the “Buyer”).”
Earnings Releases
USD Partners LP reported fourth quarter of 2022 results: net income $3.2 million.
“ial highlights with respect to the fourth quarter of 2022 include the following: • Generated Net Cash Provided by Operating Activities of $8.3 million, Adjusted EBITDA (1) of $13.3 million and Distributable Cash Flow (1) of $9.6 million • Reported Net Loss of $3.2 million • Declared a quarterly cash distribution of $0.1235 per unit ($0.494 per unit on an annualized basis) • Announced that its sponsor (the “Sponsor”) will waive the fourth quarter distribution on all of its 17.3 million units, reducing this quarterly distribution by approximately $2.1 million “The underlying economics that support our DRUbitTM by RailTM network were positive in 2022 and improved significantly in the fourth quarter of the year.”
Material Agreements
USD Partners LP amended Amendment with Bank of Montreal, as administrative agent, and the lenders party thereto (effective 2023-01-31).
“On January 31, 2023 (the “Effective Date”), USD Partners LP (the “Partnership”) and USD Terminals Canada ULC, an indirect, wholly-owned subsidiary of the Partnership (together with the Partnership, the “Borrowers”), and the subsidiary guarantors party thereto, entered into an amendment (the “Amendment”) to the Borrowers’ existing revolving credit agreement, dated as of November 2, 2018 (as so amended and as previously amended, the “Credit Agreement”), with the lenders party thereto and Bank of Montreal, as administrative agent.”
Earnings Releases
USD Partners LP reported financial results for the three and nine months ended September 30, 2022.
“On November 1, 2022, USD Partners LP (the “Partnership”) issued a press release announcing its operating and financial results for the three and nine months ended September 30, 2022.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.