Genesis Energy entered into amendments to its credit agreement and collateral agreement with Wells Fargo as administrative agent and issuing bank, Bank of America and Bank of Montreal as co-syndication agents and U.S. Bank as documentation agent.
Highlights of the amendment:
- Extends the maturity date of the credit facility to May 9, 2022 (provided Genesis does not refinance or repay in full its 5.750% senior notes due 2021 on or prior to November 15, 2020, the maturity date will be November 15, 2020).
- Changes the maximum consolidated leverage ratio to 5.75 to 1.0 for Q2/17 through the Q2/18, 5.50 to 1.0 for Q3/18 through Q4/19, 5.25 to 1.0 for Q1/20 through Q4/20 and 5.00 to 1.0 from Q1/21 and all periods thereafter.
- Adds an additional level to the leverage-based pricing grid used to calculate the applicable margin for base rate loans and LIBOR loans to account for changes to the maximum consolidated leverage ratio.