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| XTEX > SEC Filings for XTEX > Form 8-K on 29-Jan-2013 | All Recent SEC Filings |
29-Jan-2013
Entry into a Material Definitive Agreement, Creation of a Direct Financial Obl
On January 28, 2013, Crosstex Energy, L.P. (the "Partnership") entered into a Seventh Amendment to Amended and Restated Credit Agreement (the "Credit Agreement Amendment"), which amended that certain Amended and Restated Credit Agreement, dated as of February 10, 2010 (the "Credit Agreement"), by and among the Partnership, Bank of America, N.A., as Administrative Agent and L/C Issuer, and the other lenders party thereto, as amended by First Amendment to Amended and Restated Credit Agreement, dated as of May 2, 2011 (the "First Amendment"), Second Amendment to Amended and Restated Credit Agreement, dated as of July 11, 2011 (the "Second Amendment"), Third Amendment to Amended and Restated Credit Agreement, dated as of January 24, 2012 (the "Third Amendment"), Fourth Amendment to Amended and Restated Credit Facility, dated as of May 23, 2012 (the "Fourth Amendment"), Fifth Amendment to Amended and Restated Credit Agreement, dated as of August 3, 2012 (the "Fifth Amendment"), and Sixth Amendment to Amended and Restated Credit Facility, dated as of August 30, 2012 (the "Sixth Amendment" and, together with the Credit Agreement, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment and the Credit Agreement Amendment, the "Amended Credit Agreement"). A copy of the Credit Agreement Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K (this "Current Report").
The Credit Agreement Amendment amends the Credit Agreement to, among other
things, (i) decrease the minimum consolidated interest coverage ratio (as
defined in the Amended Credit Agreement, being generally computed as the ratio
of consolidated earnings before interest, taxes, depreciation, amortization and
certain other non-cash charges to consolidated interest charges) to 2.25 to 1.0
for the fiscal quarters ending September 30, 2013 and December 31, 2013, with a
minimum ratio of 2.50 to 1.0 for each fiscal quarter ending thereafter,
(ii) increase the maximum permitted consolidated leverage ratio (as defined in
the Amended Credit Agreement, being generally computed as the ratio of total
funded debt to consolidated earnings before interest, taxes, depreciation,
amortization and certain other non-cash charges) to 5.50 to 1.0 for each fiscal
quarter ending on or prior to December 31, 2013, with a maximum ratio of 5.25 to
1.0 for each fiscal quarter ending thereafter, and (iii) eliminate the existing
and any future step-up in the maximum permitted consolidated leverage ratio for
acquisitions.
Upon the closing of the Credit Agreement Amendment, the Partnership had no outstanding borrowings and $58.8 million of outstanding letters of credit under the Amended Credit Agreement, leaving the Partnership with approximately $576.2 million available capacity for additional borrowings and letters of credit under the Amended Credit Agreement. In connection with entering into the Credit Agreement Amendment, the Partnership paid a consent fee to the lenders party thereto, and the Partnership paid an arrangement fee to the arranger of the Credit Agreement Amendment.
The description set forth above is qualified in its entirety by (i) the Credit Agreement, which is filed as Exhibit 10.1 to the Partnership's Current Report on Form 8-K filed on February 16, 2010, (ii) the First Amendment, which is filed as Exhibit 10.1 to the Partnership's Current Report on Form 8-K filed on May 3, 2011, (iii) the Second Amendment, which is filed as Exhibit 10.1 to the Partnership's Current Report on Form 8-K filed on July 12, 2011, (iv) the Third
Amendment, which is filed as Exhibit 10.1 to the Partnership's Current Report on Form 8-K filed on January 25, 2012, (v) the Fourth Amendment, which is filed as Exhibit 10.1 to the Partnership's Current Report on Form 8-K filed on May 24, 2012, (vi) the Fifth Amendment, which is filed as Exhibit 10.3 to the Partnership's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, (vii) the Sixth Amendment, which is filed as Exhibit 10.1 to the Partnership's Current Report on Form 8-K filed on August 31, 2012 and (viii) the Credit Agreement Amendment, which is filed as Exhibit 10.1 to this Current Report and is incorporated herein by reference.
The information provided in Item 1.01 of this Current Report is incorporated herein by reference.
On January 29, 2013, the Partnership issued a press release announcing that the Partnership and Crosstex Energy, Inc. will hold a conference call to discuss fourth-quarter and full year 2012 earnings on March 1, 2013 at 10:00 a.m. Central time. A copy of the press release is furnished as Exhibit 99.1 to this Current Report. In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 7.01 and in the attached exhibit shall be deemed to be "furnished" and shall not be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
(d) Exhibits.
In accordance with General Instruction B.2 of Form 8-K, the information set forth in Exhibit 99.1 is deemed to be furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act.
EXHIBIT
NUMBER DESCRIPTION
10.1 - Seventh Amendment to Amended and Restated Credit Agreement, dated
as of January 28, 2013, by and among Crosstex Energy, L.P., Bank
of America, N.A., as Administrative Agent and L/C Issuer, and the
other lenders party thereto.
99.1 - Press Release dated January 29, 2013.
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