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 amendment to the credit agreement, dated as of Aug. 8, from its original expiration date of Oct. 10 to Nov. 3.
Pursuant to the waiver extension agreement, the lenders and administrative agent have agreed to continue to forbear until the new expiration date from exercising any rights or remedies arising from certain defaults or events of defaults asserted by the administrative agent and to temporarily waive certain events of default arising from the non-payment of interest due on Oct. 10 until the new expiration date.
“We are pleased to have worked cooperatively with our lenders to achieve a further extension of the forbearance under our credit agreement,” Adam Altsuler, CFO of USD Partners, said. “We look forward to working constructively with our bank group to secure a longer-term solution over the next few weeks while also advancing several ongoing commercial discussions that could benefit the partnership in the near future.”
USD, which owns the general partner of USD Partners, is engaged in designing, developing, owning and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America.
