Current Report Filing (8-k)
February 03 2017 - 5:25PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 3, 2017 (January 31, 2017)
SUNOCO LP
(Exact name
of registrant as specified in its charter)
|
|
|
|
|
Delaware
|
|
001-35653
|
|
30-0740483
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(IRS Employer
Identification No.)
|
8020 Park Lane, Suite 200
Dallas, Texas 75231
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (832)
234-3600
Check the appropriate box below if the
Form 8-K
filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to
Rule 14a-12
under the Exchange Act (17 CFR
240.14a-12)
|
☐
|
Pre-commencement
communications pursuant to
Rule 14d-2(b) under
the Exchange Act (17 CFR
240.14d-2(b))
|
☐
|
Pre-commencement
communications pursuant to
Rule 13e-4(c) under
the Exchange Act (17 CFR
240.13e-4(c))
|
Item 1.01.
|
Entry into a Material Definitive Agreement.
|
Limited Waiver to Credit Agreement and Limited Waiver
to Senior Secured Term Loan Agreement
On January 31, 2017, Sunoco LP (the Partnership) entered into (i) a
limited waiver (the Credit Agreement Waiver) to the Credit Agreement, dated as of September 25, 2014 (as amended to date, the Credit Agreement) with the lenders party thereto and Bank of America, N.A., in its capacity as
a letter of credit issuer, as swing line lender, and as administrative agent (the Credit Agreement Agent) and (ii) a limited waiver (the Term Loan Waiver and, together with the Credit Agreement Waiver, the
Waivers) to the Senior Secured Term Loan Agreement, dated as of March 31, 2016 (as amended to date, the Term Loan Agreement and, together with the Credit Agreement, the Agreements) with the lenders party
thereto and Credit Suisse AG, Cayman Islands Branch, in its capacity as administrative agent (the Term Loan Agent and, together with the Credit Agreement Agent, the Agents). Under the Waivers, the Agents and lenders party
thereto waived and deemed remedied, among other matters, the miscalculations of the Partnerships consolidated EBITDA (and therefore leverage ratio) as set forth in its previously delivered compliance certificates and the resulting failure to
pay incremental interest owed under each Agreement from December 21, 2016 through the effective date of the Waivers (which failure was remedied prior to the effectiveness of the Waivers).
As a result of the restatement of the compliance certificates for the fiscal quarter ended September 30, 2016 delivered in connection
with the Waivers, the margin applicable to the obligations under the Agreements increased from (i) 2.75% in respect of LIBOR rate loans and 1.75% in respect of base rate loans to (ii) 3.00% in respect of LIBOR rate loans and 2.00% in respect of base
rate loans, until the delivery of the next compliance certificates.
The discussion included herein of the Credit Agreement Waiver and the
Term Loan Waiver is qualified in its entirety by reference to Exhibit 10.1 and Exhibit 10.2, respectively, of this report on Form
8-K,
which are hereby incorporated into this item.
Item 9.01.
|
Financial Statements and Exhibits.
|
|
|
|
10.1
|
|
Limited Waiver to Credit Agreement, dated as of January 31, 2017, by and among Sunoco LP, Bank of America, N.A. and the financial institutions parties thereto as Lenders.
|
|
|
10.2
|
|
Limited Waiver to Senior Secured Term Agreement, dated as of January 31, 2017, by and among Sunoco LP, Credit Suisse AG, Cayman Islands Branch, and the financial institutions parties thereto as Lenders.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
|
|
SUNOCO LP
|
|
|
|
|
|
|
|
|
By:
|
|
SUNOCO GP LLC, its General Partner
|
|
|
|
|
Date: February 3, 2017
|
|
|
|
By:
|
|
/s/ Thomas R. Miller
|
|
|
|
|
|
|
Name:
|
|
Thomas R. Miller
|
|
|
|
|
|
|
Title:
|
|
Chief Financial Officer
|
EXHIBIT INDEX
|
|
|
EXHIBIT
|
|
DESCRIPTION
|
|
|
10.1
|
|
Limited Waiver to Credit Agreement, dated as of January 31, 2017, by and among Sunoco LP, Bank of America, N.A. and the financial institutions parties thereto as Lenders.
|
|
|
10.2
|
|
Limited Waiver to Senior Secured Term Agreement, dated as of January 31, 2017, by and among Sunoco LP, Credit Suisse AG, Cayman Islands Branch, and the financial institutions parties thereto as Lenders.
|
Sunoco (NYSE:SUN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sunoco (NYSE:SUN)
Historical Stock Chart
From Apr 2023 to Apr 2024