USD Partners entered into an agreement with the lenders and administrative agent under its existing credit agreement to, among other things, extend the forbearance period as provided in the previously announced waiver extension agreement, dated as of Oct. 6, from its expiration date of Nov. 3 to Nov. 17. According to an 8K filed with the SEC, BMO is the administrative agent for the credit agreement.
Pursuant to the second waiver extension agreement, the lenders and administrative agent agreed to (i) continue to forbear until the new expiration date from exercising any rights or remedies arising from certain events of default or prospective events of default described in the previously announced fourth amendment to credit agreement and the second waiver extension agreement and (ii) temporarily waive, until the new expiration date, events of default arising from the non-payment of amounts due on the maturity date.
USD Partners is a fee-based master limited partnership formed in 2014 by US Development Group to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products.
