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GSJK > SEC Filings for GSJK > Form 8-K on 16-May-2013All Recent SEC Filings

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Entry into a Material Definitive Agreement, Creation of a Direct Financ

Item 1.01. Entry Into a Material Definitive Agreement.

Pursuant to the terms of the Credit Agreement dated June 24, 2011, as amended (the "Credit Agreement") by and among Compressco Partners, L.P. (the "Partnership"), certain of its subsidiaries and JPMorgan Chase Bank, N.A. ("JPMorgan"), the Partnership has exercised an "accordion" option under the Credit Agreement to increase the maximum credit commitment under the credit facility by $20 million. With this exercise, the Credit Agreement provides for a $40 million revolving credit facility, which continues to be expandable by an uncommitted $20 million accordion. In connection with the exercise of this accordion option, on May 14, 2013, the Partnership and certain of its subsidiaries (collectively, the "Borrowers") entered into a Second Amendment to Credit Agreement and First Amendment to Pledge and Security Agreement (the "Amendment") with JPMorgan. The Amendment amends (i) the Credit Agreement and
(ii) the Pledge and Security Agreement, dated as of June 24, 2011 (the "Security Agreement"), among the Borrowers, JPMorgan, and the other loan parties signatory thereto.

The principal changes made under the Amendment (i) increase the commitment of JPMorgan under the Credit Agreement to $40,000,000, with an uncommitted $20 million expansion feature, and (ii) revise certain reserve and other applicable dollar thresholds throughout the Credit Agreement and Security Agreement to conform to the increased credit commitment.

JPMorgan, as well as certain of its affiliates, have performed and may in the future perform for the Partnership various commercial banking, investment banking, lending, underwriting and other financial services, for which they have received and may in the future receive customary fees and expenses.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated in this item 1.01 by reference.

Item 2.03 Creation of a Direct Financial Obligation

The information set forth under Item 1.01 above is hereby incorporated into this Item 2.03 by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Number                                  Description
10.1      Second Amendment to Credit Agreement and First Amendment to Pledge and
          Security Agreement, dated May 14, 2013, by and among Compressco
          Partners, L.P., Compressco Partners Operating, LLC and Compressco
          Partners Sub, Inc., as the borrowers, the Partnership's existing and
          future domestic subsidiaries, as loan guarantors, and JP Morgan Chase
          Bank, N.A.

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