Azure Midstream sets revolving line at $238 million, alters covenants

By Wendy Van Sickle

Columbus, Ohio, Oct. 30 – Azure Midstream Partners, LP set availability of its revolving credit line at $238 million and its accordion at $50 million, according to an 8-K filed with the Securities and Exchange Commission.

The Oct. 26 amendment also adjusted some covenants under the company’s credit agreement dated Feb. 27, 2015 with Wells Fargo Bank, NA as administrative agent.

Amendments included the following:

• Raised the consolidated total leverage ratio for the quarter ended Sept. 30 to 5.25 times from 5 times;

• Set the consolidated total leverage ratio for the quarter ending Dec. 31 at 6 times;

• Set consolidated total leverage ratio for the quarter ending March 31 at 4.5 times, subject to a material acquisition under which the ratio increases to 5 times; and

• Required utilizing 100% of the net proceeds of dispositions of assets to be applied to reduce debt under the revolving credit line.

Azure is a Dallas-based midstream energy company.

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