Hi-Crush Partners announces new term loan, revolving credit agreements
Hi-Crush Partners announced that it entered into a new $200M senior secured term loan credit agreement and a new five year revolving credit agreement, as well as completed $20M of unit repurchases and received necessary approvals to execute the remaining $80M of authorized unit repurchases. The new $200M term loan replaces the partnership's previous $200M term loan credit facility, extending maturity to December 2024 from April 2021 previously. The new five-year $125M revolving credit agreement replaces the company's previous $75M revolving credit facility, extending the maturity to December 2022 from December 2019 previously. There were no borrowings under the partnership's prior revolving credit facility at the time of closing, and the partnership added that it has no indebtedness under its new revolving credit agreement. Separately, Hi-Crush announced that it has repurchased 2,030,163 common units in Q4 of 2017, representing approximately $20M of unit repurchases since announcing its unit buyback program of up to $100M in October. This represents the maximum amount of unit repurchases allowed for under the company's previous term loan credit facility and revolving credit facility. The partnership's new term loan and revolving credit agreement permit unlimited repurchases of common units, therefore allowing for execution up to the remaining $80M authorized.