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Sanchez Midstream Partners LP announced in a Form 8-K that it has received notification that, pursuant to the terms of the Third Amended and Restated Credit Agreement, as amended by the Tenth Amendment thereto its lenders have completed the quarterly review of the borrowing base for the Partnership’s midstream assets. Based on this review, the borrowing base has been set at $124.1 million. The Partnership’s current debt outstanding is $115.0 million, consisting of $115.0 million outstanding under the quarterly amortizing term loan and no amount outstanding under the revolving loan.
The Credit Agreement is a current liability that matures on September 30, 2021 and the Company expects to refinance or extend the maturity of its Credit Agreement prior to September 30, 2021. “However, we may not be able to refinance or extend the maturity of our Credit Agreement or, if we are able to refinance or extend the maturity, we may not be able to do so with borrowing and debt issue costs, terms, covenants, restrictions, commitment amount or a borrowing base favorable to us,” the Company warns.
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