Item 1.01 Entry into a Material Definitive Agreement.
On April 13, 2022, Sprague Operating Resources LLC (the "U.S. Borrower") and
Kildair Service ULC (the "Canadian Borrower" and, together with the U.S.
Borrower, the "Borrowers"), wholly owned subsidiaries of Sprague Resources LP
(the "Partnership"), entered into a second amendment to second amended and
restated credit agreement (the "Amendment"), which amended the second amended
and restated credit agreement, dated May 19, 2020 (as previously amended, the
"Credit Agreement"), by and among the Borrowers, MUFG Bank, Ltd., as
administrative agent, and the lenders party thereto (the "Lenders").
The Amendment amended the Credit Agreement to, among other things, (i) increase
the Lenders' commitments under the Credit Agreement's (x) committed U.S. dollar
revolving working capital facility from $465,000,000 to $535,900,000, (y)
uncommitted U.S. dollar revolving working capital facility from $200,000,000 to
$255,000,000 and (z) committed multicurrency revolving working capital facility
from $85,000,000 to $96,600,000, (ii) replace the ability of the Borrowers to
elect that borrowings accrue interest at the London Inter-Bank Offered Rate,
plus a margin, with the ability of the Borrowers to elect that borrowings accrue
interest at a forward-looking term rate based on the secured overnight financing
rate ("Term SOFR"), plus a margin and a Term SOFR spread adjustment, and (iii)
extend the permitted expiration date of letters of credit from six months to one
year after the applicable facility termination date.
The foregoing description is qualified in its entirety by reference to the full
text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on
Form 8-K and incorporated in this Item 1.01 by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
The information contained in Item 1.01 above is incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
EXHIBIT DESCRIPTION
10.1 Second Amendment, dated April 13, 2022, to Second Amended and Restated
Credit Agreement, dated May 19, 2020, among Sprague Operating Resources LLC,
as U.S. Borrower, Kildair Service ULC, as Canadian Borrower, the several
lenders parties thereto, MUFG Bank Ltd., as administrative agent, the
co-syndication agents, the co-collateral agents and the co-documentation
agents party thereto.
104 Cover Page Interactive Data File (formatted in Inline XBRL)
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses