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Hi-Crush Partners Lp Announces Revolving Credit Facility Amendment

The following excerpt is from the company's SEC filing.

Houston, Texas, November 6, 2015 - Hi-Crush Partners LP (NYSE: HCLP), “Hi-Crush” or the “Partnership”, today reported the completion of an amendment to its Revolving Credit Facility Agreement. The amendment, among other things, provides for a reduction in the commitment level from $150 million to $100 million, waives the compliance ratios through June 30, 2017 (the “Effective Period”), establishes certain minimum quarterly EBITDA covenants, allows distributions to unitholders up to 50% of quarterly distributable cash flow after quarterly debt payments on the term loan, and increases the pricing to LIBOR plus 4.50 % during the Effective Period.

“The agreement reached with our bank group gives us the flexibility and liquidity needed for the next couple of years,” said Laura C. Fulton, Chief Financial Officer of Hi-Crush. “The support shown by our banks reflects their commitment to our vision, and allows us to best position ourselves to take advantage of the eventual upturn in activity. We are actively taking steps to conserve cash, maintain liquidity and be thoughtful and strategic in our growth plans.”

About Hi-Crush

Hi-Crush is an integrated producer, transporter, marketer and distributor of high-quality monocrystalline sand, a specialized mineral that is used as a proppant to enhance the recovery rates of hydrocarbons from oil and natural gas wells. Our reserves, which are located in Wisconsin, consist of...