| Item 1.01. | Entry into a Material Definitive Agreement. |
Extension of Operating Partnership Revolving Credit Facility
As previously disclosed, InfraREIT Partners, LP (the “Operating Partnership”), which is a subsidiary of InfraREIT, Inc. (the “Company”), is a party to that certain Credit Agreement, dated as of December 10, 2014 (the “OP Credit Agreement”), with each lender from time to time party thereto (the “OP Lenders”) and Bank of America, N.A., as administrative agent (the “OP Administrative Agent”). On December 7, 2018, the Operating Partnership entered into the First Amendment to the OP Credit Agreement (the “OP Amendment”) with the OP Lenders and the OP Administrative Agent.
Prior to the effective date of the OP Amendment, the OP Credit Agreement permitted the Operating Partnership to borrow up to $75.0 million (the “Aggregate OP Commitments”) with a maturity date of December 10, 2019. The OP Amendment extended the maturity date with respect to $67.0 million of the Aggregate OP Commitments to December 10, 2020. The remaining $8.0 million of the Aggregate OP Commitments will mature on December 10, 2019.
Extension of SDTS Revolving Credit Facility
As previously disclosed, Sharyland Distribution & Transmission Services, L.L.C. (“SDTS”), which is a subsidiary of InfraREIT, is a party to that certain Third Amended and Restated Credit Agreement, dated as of December 10, 2014 (as amended by that certain First Amendment to Credit Agreement on September 28, 2015 and that certain Second Amendment to Credit Agreement, Direction and Waiver on November 1, 2017 and, as so amended, the “SDTS Credit Agreement”), with the several banks and other financial institutions or entities from time to time parties thereto (the “SDTS Lenders”) and Royal Bank of Canada, as administrative agent (the “SDTS Administrative Agent”). On December 7, 2018, SDTS entered into the Third Amendment to the SDTS Credit Agreement (the “SDTS Amendment”) with the SDTS Lenders and the SDTS Administrative Agent.
Prior to the effective date of the SDTS Amendment, the SDTS Credit Agreement permitted SDTS to borrow up to $250.0 million (the “Aggregate SDTS Commitments”) with a maturity date of December 10, 2019. The SDTS Amendment extends the maturity date with respect to the Aggregate SDTS Commitments to December 10, 2020.
The foregoing descriptions of the OP Amendment and the SDTS Amendment do not purport to be complete and are qualified in their entirety by reference to the complete text of the OP Amendment and the SDTS Amendment, copies of which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form8-K (this “Current Report”) and are incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under anOff-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report is incorporated herein by reference.
