October 23, 2017 3:22 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Sprague Operating Resources LLC

Company Overview

Sprague Operating Resources LLC owns and operates oil terminals that supply natural gas, coal, and petroleum products. The company was founded in 1870 and is headquartered in Portsmouth, New Hampshire. Sprague Operating Resources LLC operates as a subsidiary of Sprague Resources LP.

185 International Drive

Portsmouth, NH 03801

United States

Founded in 1870

Phone:

800-225-1560

Fax:

603-766-7448

Key Executives for Sprague Operating Resources LLC

Sprague Operating Resources LLC does not have any Key Executives recorded.

Sprague Operating Resources LLC Key Developments

Sprague Operating Resources LLC and Kildair Services ULC Enters into an Amendment to Amended and Restated Credit Agreement

On April 27, 2017, Sprague Operating Resources LLC and Kildair Service ULC, the several banks and other financial institutions party thereto and JPMorgan Chase Bank, N.A., in its capacity as administrative agent, entered into an Amendment to that certain Amended and Restated Credit Agreement by and among the Borrowers, the banks and financial institutions party thereto and the Administrative Agent, dated as of December 9, 2014, as previously amended. The Credit Agreement Amendment extended the Credit Agreement’s maturity from December 9, 2019 to April 27, 2021. In addition, the Credit Agreement Amendment reduced the pricing on acquisition facility loans and letters of credit such that the applicable margin with respect to any acquisition facility base rate loan ranges from 1.25% to 2.25% and with respect to any acquisition facility Eurocurrency loan or letter of credit ranges from 2.25% to 3.25% based on consolidated total leverage ratio. The Credit Agreement Amendment also made a number of discrete modifications to the Credit Agreement including a $50,000,000 decrease in the Dollar Working Capital Facility commitments, a $20,000,000 decrease in the Multicurrency Working Capital Commitments, changes to dollar caps applicable to certain elements of the borrowing base related to unrealized forward gains on certain forward contracts, amendments to the total consolidated leverage covenant to allow for temporary increases in leverage for three fiscal quarters following material acquisitions, changes to the capital expenditures covenant to allow for increased amounts of capital expenditures, and amendments to allow the Borrowers additional time to create and perfect security interests over newly acquired assets.

Sprague Operating Resources LLC and Kildair Services ULC and Other Financial Institutions Enters into Amendment to Amended and Restated Credit Agreement

On March 10, 2016, Sprague Operating Resources LLC and Kildair Services ULC, the several banks and other financial institutions party thereto and JP Morgan Bank, N.A., in its capacity as administrative agent, entered into an Amendment (the Credit Agreement Amendment) to that certain Amended and Restated Credit Agreement by and among the Borrowers, the banks and financial institutions party thereto and the Administrative Agent, dated as of December 9, 2014. The Credit Agreement Amendment increased the Credit Agreement's acquisition facility from $400.0 million to $550.0 million. The Credit Agreement Amendment also made a number of discrete modifications to the Credit Agreement including changes to elements of the borrowing base to reflect the Borrowers' increased use of certain forward contracts and to accommodate payment patterns of customers in certain markets, changes to certain financial definitions to reflect the Borrowers' restructuring of its ownership of Wintergreen Transport Corporation ULC, amendments to the leverage covenants to allow for temporary increases in leverage for six months following material acquisitions, and changes to the capital expenditures covenant to allow for additional acquisitions.

Sprague Operating Resources LLC and Kildair Services ULC Announce Amendment to Amended and Restated Credit Agreement

On March 10, 2016, Sprague Operating Resources LLC and Kildair Services ULC, the several banks and other financial institutions party thereto and JP Morgan Bank, N.A., in its capacity as administrative agent, entered into an Amendment to that certain Amended and Restated Credit Agreement by and among the Borrowers, the banks and financial institutions party thereto and the Administrative Agent, dated as of December 9, 2014. The Credit Agreement Amendment increased the Credit Agreement's acquisition facility from $400.0 million to $550.0 million. The Credit Agreement Amendment also made a number of discrete modifications to the Credit Agreement including changes to elements of the borrowing base to reflect the Borrowers' increased use of certain forward contracts and to accommodate payment patterns of customers in certain markets, changes to certain financial definitions to reflect the Borrowers' restructuring of its ownership of Wintergreen Transport Corporation ULC, amendments to the leverage covenants to allow for temporary increases in leverage for six months following material acquisitions, and changes to the capital expenditures covenant to allow for additional acquisitions.

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