USD Partners LP
0.0070-0.00 (-12.5%)
Oct 29, 4:00:00 PM EDT · OTC Markets OTCPK · USDP · USD
Key Stats
Market Cap
236.42KP/E (TTM)
0.23Basic EPS (TTM)
0.03Dividend Yield
15.5%Recent Filings
8-K
USD Partners LP has amended its existing revolving credit agreement, extending the maturity to November 2, 2024, and waiving prior defaults. A new independent director will oversee material transactions, and interest will be paid in kind. The Partnership anticipates benefits from ongoing customer discussions.
USD Partners LP announced an amendment to its revolving credit agreement, extending the maturity date to November 2, 2024, and waiving prior defaults. The amendment includes adding an independent director with authority over material transactions and paying interest in kind by increasing principal. The company is optimistic about commercial discussions with customers.
8-K
Credit waiver extended to Nov 21
USD Partners LP secured a third extension on its credit agreement waiver, pushing the forbearance deadline from November 17 to November 21, 2023, amid ongoing disputes over defaults like missed interest and maturity payments. Lenders continue to hold off on remedies for these issues, buying the midstream operator a brief window to resolve them. This short reprieve underscores persistent liquidity strains. No resolution timeline disclosed.
8-K
NYSE delisting hits USD Partners
USD Partners LP's common units were delisted from the NYSE on November 15, 2023, after falling below the $15 million average market cap threshold over 30 trading days. Trading shifted to the OTC Pink Market starting November 16 under the USDP symbol, with no impact on operations or credit agreements. The delisting could hinder unitholder liquidity. No market development is assured.
10-Q
Q3 FY2023 results
USD Partners posted a Q3 net loss of $2.8M, or $0.08 per diluted unit, swinging from a $69.4M loss last year that included a $71.6M impairment on the Casper Terminal, now sold for a $6.2M gain earlier in 2023. Revenues fell 48% y/y to $11.1M (derived), driven by expired contracts slashing Hardisty Terminal capacity by 23% in June 2023, while q/q they dipped 3% from Q2's $11.4M; operating loss narrowed to $0.6M from $72.5M, with gross margins improving amid lower pipeline fees and maintenance costs. YTD net income hit $3.8M, or $0.11 per diluted unit on 33.7M shares, up from a $58.1M loss, reconciling to YTD revenue of $51.7M (down 43% y/y, derived) and operating income of $11.9M. Cash stood at $8.7M with $196M debt under a forbearance expiring November 17, 2023, after selling Casper for $33M cash; free cash flow isn't disclosed in the 10-Q. Stroud Terminal is held for sale, potentially closing late 2023. Yet liquidity strains persist from covenant breaches and NYSE delisting risks.
8-K
Q3 loss amid debt talks
USD Partners LP reported a $2.8 million net loss for Q3 2023, with Adjusted EBITDA dropping to $2.0 million from $12.3 million a year earlier, driven by lower Hardisty Terminal revenues and the Casper Terminal sale. The partnership extended forbearance on its matured $195.9 million credit facility through November 17 while negotiating renewal, and prolonged a trial terminalling deal at Stroud through January 2024. Distributions remain suspended. Delisting looms if market cap dips below $15 million.
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