Ciner Resources entered into a credit agreement with PNC Bank as administrative agent, swing line lender and an L/C issuer.

The agreement replaces a former Ciner credit agreement, dated July 18, 2013 with Bank of America as administrative agent, swing line lender and L/C issuer.

The Ciner Resources credit agreement is a $10 million senior secured revolving credit facility with a syndicate of lenders, which will mature on the fifth anniversary of the closing date of such credit facility. The revolving credit facility provides for revolving loans to be available to fund distributions on the partnership’s units and working capital requirements and capital expenditures, to consummate permitted acquisitions and for all other lawful partnership purposes.

The revolving credit facility includes a sublimit up to $5 million for same-day swing line advances and a sublimit up to $5 million for letters of credit.

Ciner’s obligations under the revolving credit facility are guaranteed by each of the partnership’s material domestic subsidiaries other than Ciner Wyoming. In addition, the partnership’s obligations under the revolving credit facility are secured by a pledge of substantially all of the partnership’s assets, including the membership interests held in Ciner Wyoming by the partnership.

Loans under the revolving credit facility bear interest at our option at either:

  • Base rate, which equals the highest of the federal funds rate in effect on such day plus 0.50%, the administrative agent’s prime rate in effect on such day or one-month LIBOR + 1.0%, in each case, plus an applicable margin
  • LIBOR rate plus an applicable margin