USD Partners Announces Amendment to Existing Revolving Credit Agreement

On January 31, 2023, USD Partners LP (the “Partnership”) and USD Terminals Canada ULC, an indirect, wholly-owned subsidiary of the Partnership (together with the Partnership, the “Borrowers”), and the subsidiary guarantors party thereto, entered into an amendment (the “Amendment”) to the Borrowers’ existing revolving credit agreement, dated as of November 2, 2018 (the “Credit Agreement”).

Among other things, the Amendment provides the Partnership with relief from compliance with the Credit Agreement’s maximum consolidated leverage ratio and minimum consolidated interest coverage ratio through the Credit Agreement’s current maturity date, as management works to obtain renewals, extensions or replacements of agreements that expired during 2022 and those that are set to expire this year. Management continues to see positive momentum around the Partnership’s re-contracting negotiations. Additional details regarding the Amendment are included in the Partnership’s Current Report on Form 8-K filed on February 6, 2023.

“As always, we appreciate the support of our strong and diverse bank group in closing this amendment to our credit facility,” said Adam Altsuler, the Partnership’s Chief Financial Officer. “This amendment will allow us to further manage our liquidity and balance sheet as we progress through this re-contracting phase in 2023.”

About USD Partners LP

USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s principal 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. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.