On December 23, 2013, Compressco Partners drew down a total of $5.5 million on its ABL credit facility, dated October 15, 2013, with JPMorgan Chase Bank, Bank of America and PNC Bank as lenders, and JPMorgan Chase Bank as administrative agent, according to an 8—K dated December 23, 2013.

The other borrowers under the ABL credit agreement (in addition to the partnership) are Compressco Partners Operating, Compressco Partners Sub, Compressco Holdings, Compressco Leasing, Compressco Field Services International, and Compressco International, each a wholly owned subsidiary of the partnership, according to the SEC filing.

Proceeds will be used to fund ongoing capital expenditures. Subsequent to the borrowing, the partnership had approximately $29.8 million outstanding under the ABL credit facility.

The ABL facility includes a maximum credit commitment of $100 million, is available for letters of credit (at a sublimit of $20 million) and has a $30 million uncommitted expansion feature. The actual maximum credit availability under the ABL facility varies from time to time and is determined by calculating the applicable borrowing base, based upon applicable percentages of the values of eligible accounts, eligible inventory and eligible equipment minus reserves as determined necessary by the administrative agent, all as specified in the ABL credit agreement. Amounts borrowed under the ABL facility are due and payable, together with all unpaid interest, fees and other obligations, on October 15, 2017 or earlier upon early repayment by the partnership or exercise by the lender of its rights under the ABL facility.

The approximately $29.8 million of borrowings under the ABL Credit Agreement bear interest at a weighted average rate of 2.5625% per annum.