USD Partners LP Extends Forbearance Period with Lenders, Seeks Long-Term Solution
USD Partners LP, a growth-oriented master limited partnership focused on midstream infrastructure and logistics solutions, has announced an extension of the forbearance period with its lenders. The Partnership has entered into an agreement with the lenders and administrative agent under its existing Credit Agreement to extend the forbearance period until November 3, 2023.
The extension, outlined in the Waiver Extension Agreement, allows USD Partners LP to continue working constructively with its bank group to secure a longer-term solution. The Partnership is optimistic about reaching a resolution in the coming weeks and is actively engaged in ongoing commercial discussions that could benefit the company in the near future.
Adam Altsuler, the Partnership’s Chief Financial Officer, expressed his satisfaction with the cooperative efforts between USD Partners LP and its lenders. He emphasized the importance of securing a longer-term solution while advancing various commercial discussions that could enhance the Partnership’s prospects.
Further details regarding the terms of the Waiver Extension Agreement will be provided in the Partnership’s forthcoming Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission.
USD Partners LP, formed in 2014 by US Development Group, LLC, specializes in acquiring, developing, and operating midstream infrastructure and logistics solutions for crude oil, biofuels, and other energy-related products. The Partnership generates the majority of its operating cash flows from long-term contracts with investment-grade customers, including major integrated oil companies, refiners, and marketers.
The Partnership’s core assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. Its operations encompass railcar loading and unloading, storage and blending in on-site tanks, pipeline connectivity, truck transloading, and other related logistics services. Additionally, USD Partners LP offers leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.
USD Development Group, LLC, the general partner of USD Partners LP, is involved in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. The company aims to create flexible market access for customers in significant growth areas and key demand centers.
For more information about USD Partners LP and its projects, please visit texasdeepwater.com.
Please note that forward-looking statements in this press release are subject to certain risks, uncertainties, and assumptions. Actual outcomes and results may differ materially from those expressed or forecasted due to various factors. The Partnership disclaims any obligation to update or alter its forward-looking statements.
Source: [Business Wire](https://www.businesswire.com/news/home/20231008760186/en/)