USD Partners Announces Amendment to Existing Revolving Credit Agreement and Extension of Maturity Date

On November 21, 2023, USD Partners LP (OTC: USDP) (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 extends the maturity date under the Credit Agreement to November 2, 2024 and waives prior defaults under the Credit Agreement. Pursuant to the Amendment, a new independent director has been added to the Board of Directors and delegated certain rights, powers and authority over certain material transactions and actions the Borrowers undertake. The Amendment also provides that interest incurred under the Credit Agreement after the effective date of the Amendment will be paid in kind by increasing the amount of principal due under the Credit Agreement. Additional details regarding the terms of the Amendment will be provided in the Partnership’s related Current Report on Form 8-K that will be filed with the Securities and Exchange Commission.

“We are pleased to announce that we have worked cooperatively with our bank group to execute this amendment and extension of the maturity date under our existing Credit Agreement,” said Adam Altsuler, the Partnership’s Chief Financial Officer. “We look forward to working closely with our existing and potential new customers on advancing several ongoing commercial discussions that could benefit the Partnership in the near future.”

Gibson, Dunn & Crutcher LLP served as legal advisor to the Partnership and Lazard acted as financial advisor to the Partnership.

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.