USDP

USD Partners and USD Group Announce Chief Financial Officer Transition

Retrieved on: 
Thursday, February 1, 2024

USD Partners LP (OTC: USDP) (the “Partnership”) and US Development Group, LLC (“USD Group”), which owns the general partner of the partnership, announced today that Adam Altsuler, the Partnership’s and USD Group’s Executive Vice President, Chief Financial Officer, has resigned his position effective February 2, 2024, in order to pursue other opportunities.

Key Points: 
  • USD Partners LP (OTC: USDP) (the “Partnership”) and US Development Group, LLC (“USD Group”), which owns the general partner of the partnership, announced today that Adam Altsuler, the Partnership’s and USD Group’s Executive Vice President, Chief Financial Officer, has resigned his position effective February 2, 2024, in order to pursue other opportunities.
  • The Partnership and USD Group also announced that Kyle Schornick, USD Group’s Vice President, Finance will be promoted to Senior Vice President, Chief Financial Officer of both the Partnership and USD Group, and Amanda Wendell, USD Group’s Vice, President, Accounting and Controller, will be promoted to Senior Vice President, Chief Accounting Officer of both the Partnership and USD Group.
  • Mr. Altsuler’s continued involvement through the USD Group Board of Directors, together with Mr. Schornick’s and Ms. Wendell’s many years of experience in leadership roles within the finance and accounting organizations of USD Group, will continue to benefit the Partnership and USD Group during this transition.
  • We are excited that he will remain a part of the USD Group family and look forward to his contributions to the USD Group Board of Directors.

USD Partners Announces Sale of West Colton Terminal

Retrieved on: 
Friday, December 22, 2023

A wholly-owned subsidiary of USD Partners LP (OTC: USDP) (the “Partnership”) announced today that on December 20, 2023, it completed the sale of the West Colton rail terminal to a private buyer for all cash consideration.

Key Points: 
  • A wholly-owned subsidiary of USD Partners LP (OTC: USDP) (the “Partnership”) announced today that on December 20, 2023, it completed the sale of the West Colton rail terminal to a private buyer for all cash consideration.
  • The Partnership used the net proceeds from the sale to repay borrowings outstanding under its revolving credit agreement and to pay transaction expenses.
  • The transaction satisfied the credit agreement’s requirements related to the sale of the West Colton Terminal.
  • As of December 22, 2023, the Partnership had approximately $181 million of borrowings outstanding under its credit agreement.

Paxos Expands to the Solana Blockchain

Retrieved on: 
Friday, December 22, 2023

NEW YORK, Dec. 22, 2023 /PRNewswire/ -- Paxos, the leading regulated blockchain & tokenization infrastructure platform, is pleased to announce a strategic expansion of its stablecoin issuance to the Solana blockchain platform. Previously exclusive to Ethereum, this initiative represents a significant milestone for the innovation and evolution of Paxos's enterprise and consumer-facing businesses. Paxos plans to offer USDP on Solana to the public on January 17, 2024.

Key Points: 
  • NEW YORK, Dec. 22, 2023 /PRNewswire/ -- Paxos, the leading regulated blockchain & tokenization infrastructure platform, is pleased to announce a strategic expansion of its stablecoin issuance to the Solana blockchain platform.
  • Paxos plans to offer USDP on Solana to the public on January 17, 2024.
  • The Solana blockchain offers users rapid transaction rates and lower transaction fees, which makes it a compelling network for US dollar stablecoins and payments.
  • By broadening its reach to Solana, Paxos is reaffirming its commitment to providing seamless and efficient financial solutions in the constantly-evolving blockchain space.

USD Partners LP Files Form 15 to Voluntarily Deregister and Suspend SEC Reporting Obligations

Retrieved on: 
Monday, December 11, 2023

USD Partners LP (OTC: USDP) (the “Partnership”) announced today that it filed a Form 15 with the Securities and Exchange Commission (the “SEC”) to deregister its common units representing limited partner under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to suspend its reporting obligations under Section 15(d) of the Exchange Act.

Key Points: 
  • USD Partners LP (OTC: USDP) (the “Partnership”) announced today that it filed a Form 15 with the Securities and Exchange Commission (the “SEC”) to deregister its common units representing limited partner under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to suspend its reporting obligations under Section 15(d) of the Exchange Act.
  • The Partnership’s obligation to file periodic reports with the SEC, including reports on Forms 10-K, 10-Q and 8-K, will be suspended immediately upon filing of the Form 15.
  • Once the Form 15 is effective, which is expected to occur within 90 days of filing, the Partnership will no longer be a public reporting company and its obligations to file other reports with the SEC will also be suspended.

USD Partners Announces Amendment to Existing Revolving Credit Agreement and Extension of Maturity Date

Retrieved on: 
Tuesday, November 21, 2023

On November 21, 2023, USD Partners LP (OTC: USDP) (the “Partnership”) and USD Terminals Canada ULC, an indirect, wholly-owned subsidiary of the Partnership (together with the Partnership, the “Borrowers”), and the subsidiary guarantors party thereto, entered into an amendment (the “Amendment”) to the Borrowers’ existing revolving credit agreement, dated as of November 2, 2018 (the “Credit Agreement”).

Key Points: 
  • On November 21, 2023, USD Partners LP (OTC: USDP) (the “Partnership”) and USD Terminals Canada ULC, an indirect, wholly-owned subsidiary of the Partnership (together with the Partnership, the “Borrowers”), and the subsidiary guarantors party thereto, entered into an amendment (the “Amendment”) to the Borrowers’ existing revolving credit agreement, dated as of November 2, 2018 (the “Credit Agreement”).
  • Among other things, the Amendment extends the maturity date under the Credit Agreement to November 2, 2024 and waives prior defaults under the Credit Agreement.
  • The Amendment also provides that interest incurred under the Credit Agreement after the effective date of the Amendment will be paid in kind by increasing the amount of principal due under the Credit Agreement.
  • “We are pleased to announce that we have worked cooperatively with our bank group to execute this amendment and extension of the maturity date under our existing Credit Agreement,” said Adam Altsuler, the Partnership’s Chief Financial Officer.

USD Partners LP Announces Customer Contract Renewal at Hardisty Terminal

Retrieved on: 
Monday, November 20, 2023

USD Partners LP (OTC: USDP) (the “Partnership”) announced today that it has entered into a one-year extension agreement with an existing refiner customer at its Hardisty Terminal for a contract that was set to expire in January 2024.

Key Points: 
  • USD Partners LP (OTC: USDP) (the “Partnership”) announced today that it has entered into a one-year extension agreement with an existing refiner customer at its Hardisty Terminal for a contract that was set to expire in January 2024.
  • The current agreement with the customer contains a commitment for 15% of the Hardisty Terminal’s capacity.
  • The renewal contains take-or-pay terms with minimum monthly payments and a slightly higher average rate than the original terminalling services agreement.
  • We look forward to keeping the market updated regarding our commercial discussions and potential new contracts for terminalling services at the Partnership’s Hardisty Terminal,” added Jim.

USD Partners Announces Third Waiver Extension Agreement Under Credit Agreement

Retrieved on: 
Friday, November 17, 2023

USD Partners LP (OTC: USDP) (the “Partnership”) announced today that it has entered into an agreement (the “Third Waiver Extension Agreement”) with the lenders and administrative agent under its existing Credit Agreement to, among other things, extend the forbearance period as provided in the previously announced Second Waiver Extension Agreement, dated as of November 1, 2023, from its expiration date of November 17, 2023 to November 21, 2023 (the “New Expiration Date”).

Key Points: 
  • USD Partners LP (OTC: USDP) (the “Partnership”) announced today that it has entered into an agreement (the “Third Waiver Extension Agreement”) with the lenders and administrative agent under its existing Credit Agreement to, among other things, extend the forbearance period as provided in the previously announced Second Waiver Extension Agreement, dated as of November 1, 2023, from its expiration date of November 17, 2023 to November 21, 2023 (the “New Expiration Date”).
  • Pursuant to the Third Waiver Extension Agreement, the lenders and administrative agent have agreed to continue to forbear until the New Expiration Date from exercising any rights or remedies arising from certain events of default or prospective events of default described in the previously announced Fourth Amendment to Credit Agreement, First Waiver Extension Agreement and the Second Waiver Extension Agreement.
  • Additional details regarding the terms of the Third Waiver Extension Agreement will be provided in the Partnership’s related Current Report on Form 8-K that will be filed with the SEC.

USD Partners LP Announces Suspended NYSE Trading, Anticipates Trading Will Begin On the OTC Exchange Effective November 16, 2023

Retrieved on: 
Wednesday, November 15, 2023

USD Partners LP (NYSE: USDP) (the “Partnership”) announced today that the Partnership received notification from the New York Stock Exchange (the “NYSE”) that the NYSE will suspend trading of, and commence proceedings to delist, the Partnership’s common units, effective at the open of business eastern standard time on November 16, 2023.

Key Points: 
  • USD Partners LP (NYSE: USDP) (the “Partnership”) announced today that the Partnership received notification from the New York Stock Exchange (the “NYSE”) that the NYSE will suspend trading of, and commence proceedings to delist, the Partnership’s common units, effective at the open of business eastern standard time on November 16, 2023.
  • The determination was made in connection with the Partnership’s non-compliance with an NYSE listing requirement necessitating an average market capitalization of at least $15 million over a consecutive 30 trading-day period.
  • The Partnership anticipates that its common units will begin trading in the OTC Pink Market on November 16, 2023 under the ticker symbol USDP.
  • Existing unitholders of USDP will find the common units quoted on the OTC Pink Market without any further action needed.

NYSE to Commence Delisting Proceedings Against USD Partners LP (USDP)

Retrieved on: 
Wednesday, November 15, 2023

The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common units representing limited partner interests (“Common Units”) of USD Partners LP (the “Company”) — ticker symbol USDP — from the NYSE.

Key Points: 
  • The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common units representing limited partner interests (“Common Units”) of USD Partners LP (the “Company”) — ticker symbol USDP — from the NYSE.
  • Trading in the Company’s Common Units will be suspended immediately.
  • The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange.
  • The NYSE will apply to the Securities and Exchange Commission to delist the Common Units upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

USD Partners LP Announces Third Quarter 2023 Results

Retrieved on: 
Tuesday, November 7, 2023

USD Partners LP (NYSE: USDP) (the “Partnership”) announced today its operating and financial results for the three and nine months ended September 30, 2023.

Key Points: 
  • USD Partners LP (NYSE: USDP) (the “Partnership”) announced today its operating and financial results for the three and nine months ended September 30, 2023.
  • In October 2023, the customer elected to extend the terminalling services agreement through January 2024.
  • The Partnership had lower operating costs during the third quarter of 2023 as compared to the third quarter of 2022.
  • Adjusted EBITDA for the third quarter of 2023 decreased by 84% when compared to the same period in 2022 due primarily to the factors discussed above.