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GSJK > SEC Filings for GSJK > Form 8-K on 28-Jun-2013All Recent SEC Filings

Show all filings for COMPRESSCO PARTNERS, L.P. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for COMPRESSCO PARTNERS, L.P.


28-Jun-2013

Creation of a Direct Financial Obligation or an Obligation under an Off


Item 2.03 Creation of a Direct Financial Obligation

On June 24, 2013, Compressco Partners, L.P. (the "Partnership") drew down a total of $7.0 million on its revolving credit facility under the Credit Agreement dated June 24, 2011, as amended, with JPMorgan Chase Bank, N.A. (the "Credit Agreement"). See below for a further discussion of the Partnership's revolving credit facility. The Partnership intends to use these proceeds to fund its ongoing capital expenditures related to the expansion of its domestic fleet of compressor units as a result of increased demand. Subsequent to the borrowing, the Partnership had $21.4 million outstanding under the credit facility.

Pursuant to the terms of the Credit Agreement, by and among the Partnership and certain of its subsidiaries and JPMorgan Chase Bank, N.A., the revolving credit facility includes a maximum credit commitment of $40.0 million, is available for letters of credit (at a sublimit of $5.0 million) and has a $20.0 million uncommitted expansion feature. Amounts borrowed under the revolving credit facility, including the advance reported above, are due and payable, together with all unpaid interest, fees and other obligations, on June 24, 2015, or earlier upon early repayment by the Partnership or exercise by the lender of its rights under the revolving credit facility.

The $21.4 million of borrowings under the revolving credit facility will bear interest at a weighted average rate of 2.5625% per annum. Generally, borrowings under the Partnership's revolving credit facility bear interest at a rate per annum equal to, at the Partnership's option, either (a) British Bankers Association LIBOR (adjusted to reflect any required bank reserves) for an interest period equal to one, two, three or six months (as selected by the Partnership) plus a margin of 2.25% per annum or (b) a base rate determined by reference to the highest of (1) the prime rate of interest announced from time to time by JPMorgan Chase Bank, N.A. or (2) British Bankers Association LIBOR (adjusted to reflect any required bank reserves) for a one-month interest period on such day plus 2.50% per annum. In addition to paying interest on outstanding principal under the Partnership's revolving credit facility, the Partnership is required to pay a commitment fee, in respect of the unutilized commitments thereunder, of 0.425% per annum, paid quarterly in arrears. The Partnership is also required to pay customary collateral monitoring fees and letter of credit fees, including, without limitation, a letter of credit fee equal to the applicable margin on revolving credit LIBOR loans and fronting fees.

The foregoing description of the Credit Agreement, as amended, is qualified in its entirety by reference to (i) the full text of the Credit Agreement, a copy of which was attached as Exhibit 10.1 to the Form 8-K filed with the Securities and Exchange Commission on June 24, 2011, (ii) the First Amendment to Credit Agreement, a copy of which was attached as Exhibit 10.1 to the Form 8-K filed with the Securities and Exchange Commission on December 5, 2012, and (iii) the Second Amendment to Credit Agreement and First Amendment to Pledge and Security Agreement, a copy of which was attached as Exhibit 10.1 to the Form 8-K filed with the Securities and Exchange Commission on May 14, 2013, all of which are incorporated by reference into this Item 2.03.


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