[8-K] SUNOCO L.P. Reports Material Event
Sunoco LP executed Amendment No. 3 to its Third Amended and Restated Credit Agreement, modifying how certain reserved cash is treated for covenant testing. The amendment permits up to $2,000,000,000 of cash reserved to fund a portion of the cash consideration for the Parkland Acquisition to be netted when calculating the Net Leverage Ratio used in the financial maintenance covenant. The change is incorporated into the Amended Credit Agreement and the full amendment is filed as Exhibit 10.1 to the report.
Sunoco LP ha sottoscritto l'Emendamento n. 3 al suo Terzo Accordo di Credito emendato e riformulato, modificando il trattamento di alcune disponibilit脿 liquide riservate ai fini della verifica dei covenant. L'emendamento consente che fino a $2,000,000,000 di liquidit脿 riservata per finanziare una parte del corrispettivo in contanti per l'acquisizione di Parkland siano compensati nel calcolo del Net Leverage Ratio utilizzato nel covenant di mantenimento finanziario. La modifica 猫 stata incorporata nell'Accordo di Credito emendato e l'intero emendamento 猫 depositato come Allegato 10.1 alla relazione.
Sunoco LP ejecut贸 la Enmienda n.潞 3 a su Tercer Acuerdo de Cr茅dito enmendado y reformulado, modificando el tratamiento de ciertos fondos en efectivo reservados para la comprobaci贸n de los covenant. La enmienda permite que hasta $2,000,000,000 en efectivo reservado para financiar una parte de la contraprestaci贸n en efectivo por la adquisici贸n de Parkland se compense al calcular el Net Leverage Ratio utilizado en el covenant de mantenimiento financiero. El cambio se ha incorporado al Acuerdo de Cr茅dito enmendado y la enmienda completa se presenta como Anexo (Exhibit) 10.1 al informe.
Sunoco LP電� 鞝�3彀� 臧滌爼 氚� 鞛瀾靹彪悳 鞁犾毄瓿勳暯鞐� 雽�頃� 靾橃爼鞎� 鞝�3順鸽ゼ 觳搓舶頃橃棳 韸轨爼 鞙犽炒 順勱笀鞚� 旖旊菠韸�(鞎届爼) 瓴�靷� 鞁� 觳橂Μ 氚╈嫕鞚� 氤�瓴巾枅鞀惦媹雼�. 鞚� 靾橃爼鞎堨潃 Parkland 鞚胳垬鞐� 雽�頃� 順勱笀 雽�旮堨潣 鞚茧秬毳� 於╇嫻頃橁赴 鞙勴暣 鞙犽炒霅� 斓滊寑 $2,000,000,000鞚� 順勱笀鞚� 鞛 鞙犾 鞎届爼鞐愳劀 靷毄霅橂姅 Net Leverage Ratio毳� 瓿勳偘頃� 霑� 靸侁硠頃� 靾� 鞛堧弰搿� 項堨毄頃╇媹雼�. 頃措嫻 氤�瓴� 靷暛鞚� 臧滌爼霅� 鞁犾毄瓿勳暯鞐� 氚橃榿霅橃棃鞙茧┌ 鞝勳泊 靾橃爼鞎堨潃 氤搓碃靹滌潣 Exhibit 10.1搿� 鞝滌稖霅橃棃鞀惦媹雼�.
Sunoco LP a ex茅cut茅 l'Amendement n掳3 脿 son troisi猫me contrat de cr茅dit modifi茅 et reformul茅, modifiant le traitement de certaines liquidit茅s r茅serv茅es pour les tests des covenants. L'amendement permet que jusqu'脿 $2,000,000,000 de liquidit茅s r茅serv茅es pour financer une partie du prix en esp猫ces de l'acquisition de Parkland soient 肠辞尘辫别苍蝉茅别蝉 lors du calcul du Net Leverage Ratio utilis茅 dans le covenant de maintien financier. Cette modification est int茅gr茅e dans le contrat de cr茅dit amend茅 et l'amendement complet est d茅pos茅 en tant qu'Exhibit 10.1 au rapport.
Sunoco LP hat Nachtrag Nr. 3 zu seinem dritten ge盲nderten und neu gefassten Kreditvertrag abgeschlossen, wodurch die Behandlung bestimmter reservierter Barmittel f眉r die Pr眉fung von Covenants ge盲ndert wird. Der Nachtrag erlaubt, bis zu $2,000,000,000 an Barmitteln, die zur Finanzierung eines Teils der Barzahlung f眉r die 脺bernahme von Parkland reserviert sind, bei der Berechnung der f眉r das finanzielle Erhaltungs鈥慍ovenant verwendeten Net Leverage Ratio zu verrechnen. Die 脛nderung ist in den ge盲nderten Kreditvertrag aufgenommen worden, und der vollst盲ndige Nachtrag ist als Anlage (Exhibit) 10.1 zum Bericht hinterlegt.
- Amendment permits up to $2,000,000,000 of reserved cash for the Parkland Acquisition to be netted in the Net Leverage Ratio calculation
- Clarifies covenant treatment of acquisition-related cash within the existing credit facility by formal amendment
- Amendment is filed as Exhibit 10.1, providing investors access to the full agreement text
- None.
Insights
TL;DR: Amendment lets up to $2B of reserved acquisition cash be netted from the Net Leverage Ratio, altering covenant measurement.
The amendment directly changes the calculation of the Net Leverage Ratio for covenant purposes by allowing up to $2,000,000,000 of cash reserved for the Parkland Acquisition to be netted. That adjustment will affect the leverage metric used in financial maintenance testing under the credit facility and therefore the Partnership's reported covenant position. The amendment is recorded as Amendment No. 3 to the Third Amended and Restated Credit Agreement and is filed as Exhibit 10.1.
TL;DR: The credit amendment aligns financing mechanics with the Parkland Acquisition by permitting reserved cash to be excluded from leverage calculations.
By specifying that reserved cash earmarked for the Parkland Acquisition can be netted in the Net Leverage Ratio, the amendment clarifies how acquisition-related cash is treated under the facility. This change helps integrate the acquisition funding into the existing credit structure and is documented in Amendment No. 3 to the Third Amended and Restated Credit Agreement; the amendment is available as Exhibit 10.1 to the filing.
Sunoco LP ha sottoscritto l'Emendamento n. 3 al suo Terzo Accordo di Credito emendato e riformulato, modificando il trattamento di alcune disponibilit脿 liquide riservate ai fini della verifica dei covenant. L'emendamento consente che fino a $2,000,000,000 di liquidit脿 riservata per finanziare una parte del corrispettivo in contanti per l'acquisizione di Parkland siano compensati nel calcolo del Net Leverage Ratio utilizzato nel covenant di mantenimento finanziario. La modifica 猫 stata incorporata nell'Accordo di Credito emendato e l'intero emendamento 猫 depositato come Allegato 10.1 alla relazione.
Sunoco LP ejecut贸 la Enmienda n.潞 3 a su Tercer Acuerdo de Cr茅dito enmendado y reformulado, modificando el tratamiento de ciertos fondos en efectivo reservados para la comprobaci贸n de los covenant. La enmienda permite que hasta $2,000,000,000 en efectivo reservado para financiar una parte de la contraprestaci贸n en efectivo por la adquisici贸n de Parkland se compense al calcular el Net Leverage Ratio utilizado en el covenant de mantenimiento financiero. El cambio se ha incorporado al Acuerdo de Cr茅dito enmendado y la enmienda completa se presenta como Anexo (Exhibit) 10.1 al informe.
Sunoco LP電� 鞝�3彀� 臧滌爼 氚� 鞛瀾靹彪悳 鞁犾毄瓿勳暯鞐� 雽�頃� 靾橃爼鞎� 鞝�3順鸽ゼ 觳搓舶頃橃棳 韸轨爼 鞙犽炒 順勱笀鞚� 旖旊菠韸�(鞎届爼) 瓴�靷� 鞁� 觳橂Μ 氚╈嫕鞚� 氤�瓴巾枅鞀惦媹雼�. 鞚� 靾橃爼鞎堨潃 Parkland 鞚胳垬鞐� 雽�頃� 順勱笀 雽�旮堨潣 鞚茧秬毳� 於╇嫻頃橁赴 鞙勴暣 鞙犽炒霅� 斓滊寑 $2,000,000,000鞚� 順勱笀鞚� 鞛 鞙犾 鞎届爼鞐愳劀 靷毄霅橂姅 Net Leverage Ratio毳� 瓿勳偘頃� 霑� 靸侁硠頃� 靾� 鞛堧弰搿� 項堨毄頃╇媹雼�. 頃措嫻 氤�瓴� 靷暛鞚� 臧滌爼霅� 鞁犾毄瓿勳暯鞐� 氚橃榿霅橃棃鞙茧┌ 鞝勳泊 靾橃爼鞎堨潃 氤搓碃靹滌潣 Exhibit 10.1搿� 鞝滌稖霅橃棃鞀惦媹雼�.
Sunoco LP a ex茅cut茅 l'Amendement n掳3 脿 son troisi猫me contrat de cr茅dit modifi茅 et reformul茅, modifiant le traitement de certaines liquidit茅s r茅serv茅es pour les tests des covenants. L'amendement permet que jusqu'脿 $2,000,000,000 de liquidit茅s r茅serv茅es pour financer une partie du prix en esp猫ces de l'acquisition de Parkland soient 肠辞尘辫别苍蝉茅别蝉 lors du calcul du Net Leverage Ratio utilis茅 dans le covenant de maintien financier. Cette modification est int茅gr茅e dans le contrat de cr茅dit amend茅 et l'amendement complet est d茅pos茅 en tant qu'Exhibit 10.1 au rapport.
Sunoco LP hat Nachtrag Nr. 3 zu seinem dritten ge盲nderten und neu gefassten Kreditvertrag abgeschlossen, wodurch die Behandlung bestimmter reservierter Barmittel f眉r die Pr眉fung von Covenants ge盲ndert wird. Der Nachtrag erlaubt, bis zu $2,000,000,000 an Barmitteln, die zur Finanzierung eines Teils der Barzahlung f眉r die 脺bernahme von Parkland reserviert sind, bei der Berechnung der f眉r das finanzielle Erhaltungs鈥慍ovenant verwendeten Net Leverage Ratio zu verrechnen. Die 脛nderung ist in den ge盲nderten Kreditvertrag aufgenommen worden, und der vollst盲ndige Nachtrag ist als Anlage (Exhibit) 10.1 zum Bericht hinterlegt.
FAQ
What did Sunoco (SUN) disclose in this Form 8-K?
What specific change does the amendment make to the credit agreement?
Which credit facility document was amended?
Does the filing disclose any new borrowing amounts?
Where can investors read the full amendment text?
Who signed the report on behalf of Sunoco?
