Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 6 TO CREDIT AGREEMENT

 

AMENDMENT NO. 6 TO CREDIT AGREEMENT, dated as of June 12, 2014 (this
“Amendment”), to the Credit Agreement dated as of June 19, 2012, as amended by
Amendment No. 1 thereto dated as of January 15, 2013, Amendment No. 2 thereto
dated as of May 8, 2013, Amendment No. 3 thereto dated as of September 30, 2013,
Amendment No. 4 thereto dated as of November 5, 2013, and Amendment No. 5
thereto dated as of December 23, 2013 (the credit agreement, as so amended and
as otherwise amended, supplemented and modified from time to time, the “Credit
Agreement”) among NGL ENERGY PARTNERS LP, a Delaware limited partnership
(“Parent”), NGL ENERGY OPERATING LLC, a Delaware limited liability company
(“Borrowers’ Agent”), each subsidiary of the Parent identified as a “Borrower”
under the Credit Agreement (together with the Borrowers’ Agent, each, a
“Borrower” and collectively, the “Borrowers”), DEUTSCHE BANK AG, NEW YORK
BRANCH, as technical agent (in such capacity, together with its successors in
such capacity, the “Technical Agent”) and DEUTSCHE BANK TRUST COMPANY AMERICAS
(“DBTCA”), as administrative agent for the Secured Parties (in such capacity,
together with its successors in such capacity, the “Administrative Agent”) and
as collateral agent for the Secured Parties (in such capacity, together with its
successors in such capacity, the “Collateral Agent”) and each financial
institution identified as a “Lender” or an “Issuing Bank” under the Credit
Agreement (each, a “Lender” and together with the Technical Agent, the
Administrative Agent and the Collateral Agent, the “Secured Parties”).

 

RECITALS

 

WHEREAS, the Borrowers have requested certain amendments to the Credit
Agreement; and

 

WHEREAS, the Lenders have agreed to amend the Credit Agreement solely upon the
terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises and the agreements hereinafter
set forth, the parties hereto hereby agree as follows:

 

1.                                      Defined Terms.  Unless otherwise noted
herein, terms defined in the Credit Agreement and used herein shall have the
respective meanings given to them in the Credit Agreement.

 

2.                                      Amendment to Section 1.1.  Section 1.1
of the Credit Agreement is hereby amended by deleting the definition of “Maximum
Commitment” in its entirety and inserting in lieu thereof the following new
definition:

 

““Maximum Commitment” means $2,296,000,000”.

 

3.                                      Amendment to Section 1.1.  Section 1.1
of the Credit Agreement is hereby further amended by adding into Section 1.1 of
the Credit Agreement the below term as a new defined term in its appropriate
alphabetical order:

 

““Amendment No. 6 Effective Date” means June 12, 2014.”

 

4.                                      Amendment to Section 2.4(c) of the
Credit Agreement (Increase in Total Commitments).  Clause (D) of the proviso of
Section 2.4(c) of the Credit Agreement is hereby amended by deleting such clause
in its entirety and inserting in lieu thereof the following:

 

“(D) the aggregate amount of Facility Increases from the Amendment No. 6
Effective Date until the Termination Date shall not exceed $103,000,000,”

 

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5.                                      Amendment to Schedule 1.1A of the Credit
Agreement (Revolving Credit Commitments).  Schedule 1.1A of the Credit Agreement
is hereby amended by deleting such Schedule in its entirety and replacing it
with the Schedule 1.1A attached hereto as Annex A.

 

6.                                      Lenders and Commitment Allocations as of
Amendment No. 6 Effective Date.

 

(a)                                 The parties hereto agree that as of the
Amendment No. 6 Effective Date, (i) each Lender’s Commitment and the Total
Commitments shall be as reflected on Annex A hereto and (ii) (A) each Lender
shall make available to the Administrative Agent such amounts in immediately
available funds as the Administrative Agent shall determine for the benefit of
the other Revolving Lenders as being required in order to cause each Revolving
Lender’s portion of the outstanding Loans of all Revolving Lenders under each
Facility to equal its Total Commitment Percentage (after giving effect to this
Amendment), (B) the Borrowers shall be deemed to have repaid all outstanding
Loans of all the Revolving Lenders under each Facility and reborrowed such
repaid Loans from each Revolving Lender in amounts consistent with each Lender’s
Total Commitment Percentage as of the Amendment No. 6 Effective Date (after
giving effect to this Amendment) and (C) the participations in Letters of Credit
and Swingline Loans shall be adjusted to reflect changes in the applicable Total
Commitment Percentages.  The deemed payments made pursuant to Section 6 in
respect of each Eurodollar Loan shall be subject to indemnification by the
Borrowers pursuant to the provisions Section 2.13 of the Credit Agreement if the
deemed payment occurs other than on an Interest Payment Date; provided, that the
Administrative Agent and each Revolving Lender shall cooperate with the
Borrowers to reduce and/or eliminate any such indemnification payments to the
extent reasonably possible if such cooperation would not subject the
Administrative Agent or such Revolving Lender, as applicable, to any
unreimbursed cost or expense and would not otherwise be disadvantageous to the
Administrative Agent or such Lender.

 

(b)                                 By execution and delivery of their
respective counterparts hereto, the Administrative Agent, the Swingline Lender
and each Issuing Bank shall be deemed to have approved as a Lender each Person
listed on Annex A hereto as a Lender that was not a Lender prior to the
Amendment No. 6 Effective Date.

 

7.                                      Representations and Warranties; No
Default.  To induce the Lenders to enter into this Amendment, each Credit Party
that is a party hereto (by delivery of its respective counterpart to this
Amendment) hereby (i) represents and warrants to the Administrative Agent and
the Lenders that after giving effect to this Amendment, its representations and
warranties contained in the Credit Agreement and other Loan Documents are true
and correct in all material respects on and as of the date hereof with the same
effect as though made on and as of the date hereof, except to the extent such
representations and warranties expressly relate to an earlier date (in which
case such representations and warranties were true and correct in all material
respects as of such earlier date); (ii) represents and warrants to the
Administrative Agent and the Lenders that in connection with this Amendment and
all other documents delivered in connection herewith it (x) has the requisite
power and authority to make, deliver and perform the same; (y) has taken all
necessary corporate, limited liability company, limited partnership or other
action to authorize its execution, delivery and performance of the same, and (z)
has duly executed and delivered the same, and (iii) certifies that no Default or
Event of Default has occurred and is continuing under the Credit Agreement (both
immediately before and after giving effect to this Amendment) or will result
from the making of this Amendment.

 

8.                                      Conditions to Effectiveness.  This
Amendment shall become effective upon the first date on which each of the
following conditions has been satisfied:

 

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(a)                                 Amended Loan Documents.  The Administrative
Agent shall have received (i) this Amendment executed and delivered by a duly
authorized officer of each Credit Party party hereto and duly executed
counterparts to this Amendment from (x) the Lenders constituting the Required
Lenders and (y) with respect to any Lender increasing its aggregate Commitments
pursuant to this Amendment, such Lender, and (ii) the Fourth Amendment to the
Intercreditor Agreement, executed and delivered by a duly authorized officer of
each party thereto.

 

(b)                                 Amended Notes.  Each Lender that has
requested amended Notes to reflect its revised Commitments under the Credit
Agreement, shall have received such requested Notes in form and substance
satisfactory to it.

 

(c)                                  Fees and Expenses.  The Borrowers shall
have paid to the Administrative Agent for the account of the Lenders: (i) the
amount of any and all reasonable fees, costs and expenses that are for the
account of the Borrowers pursuant to Section 10.9 of the Credit Agreement,
including all such fees, costs and expenses incurred in connection with this
Amendment and (ii) all other fees on the terms and conditions offered by the
Borrowers’ Agent in connection with this Amendment.

 

9.                                      Effectiveness of Commitments and
Allocations.  The Commitments and allocations among the Facilities reflected on
Exhibit A will be deemed effective as of the Business Day immediately following
the Amendment No. 6 Effective Date.

 

10.                               Limited Effect.  Except as expressly provided
hereby, all of the terms and provisions of the Credit Agreement and the other
Loan Documents are and shall remain in full force and effect.  The amendments
contained herein shall not be construed as a waiver or amendment of any other
provision of the Credit Agreement or the other Loan Documents or for any
purpose, except as expressly set forth herein, or a consent to any further or
future action on the part of any Credit Party that would require the waiver or
consent of the Lenders.  This Amendment shall constitute a “Loan Document” for
all purposes of the Credit Agreement and the other Loan Documents.

 

11.                               GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAW OF THE STATE OF NEW YORK.

 

12.                               Counterparts.  This Amendment may be executed
in any number of counterparts, all of which taken together shall constitute one
and the same agreement, and any of the parties hereto may execute this Amendment
by signing any such counterpart.  Delivery of an executed counterpart hereof by
facsimile or email transmission shall be effective as delivery of a manually
executed counterpart hereof.

 

13.                               Headings.  Section or other headings contained
in this Amendment are for reference purposes only and shall not in any way
affect the meaning or interpretation of this Amendment.

 

14.                               Guarantor Acknowledgement.  Each Guarantor
party hereto hereby (i) consents to the modifications to the Credit Agreement
contemplated by this Amendment and (ii) acknowledges and agrees that its
guaranty pursuant to Section 10.18 of the Credit Agreement is, and shall remain,
in full force and effect after giving effect to the Amendment.

 

15.                               Lender Acknowledgement.  Each undersigned
Lender, by its signature hereto, hereby authorizes and directs DBTCA in its
capacity as Administrative Agent and as Collateral Agent to execute this
Amendment.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

 

 

BORROWERS’ AGENT:

 

 

 

NGL ENERGY OPERATING LLC

 

 

 

 

 

By:

/s/ Atanas H. Atanasov

 

 

Name:

Atanas H. Atanasov

 

 

Title:

Chief Financial Officer and Treasurer

 

 

 

 

 

 

GUARANTOR:

 

 

 

NGL ENERGY PARTNERS LP

 

 

 

By:

NGL Energy Holdings LLC,

 

 

its general partner

 

 

 

 

 

 

By:

/s/ Atanas H. Atanasov

 

 

Name:

Atanas H. Atanasov

 

 

Title:

Chief Financial Officer and Treasurer

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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CREDIT PARTIES:

 

 

 

HICKSGAS, LLC

 

NGL ENERGY OPERATING LLC

 

NGL-MA REAL ESTATE, LLC

 

NGL-MA, LLC

 

NGL-NE REAL ESTATE, LLC

 

NGL LIQUIDS, LLC

 

NGL PROPANE, LLC

 

NGL SUPPLY WHOLESALE, LLC

 

NGL SUPPLY TERMINAL COMPANY, LLC

 

OSTERMAN PROPANE, LLC

 

 

 

 

 

 

By:

/s/ Atanas H. Atanasov

 

 

Name:

Atanas H. Atanasov

 

 

Title:

Chief Financial Officer and Treasurer

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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CREDIT PARTIES:

 

 

 

ANDREWS OIL BUYERS, INC.

 

ANTICLINE DISPOSAL, LLC

 

CENTENNIAL ENERGY, LLC

 

CENTENNIAL GAS LIQUIDS ULC
HIGH SIERRA COMPRESSION, LLC

 

HIGH SIERRA CRUDE OIL & MARKETING, LLC

 

HIGH SIERRA ENERGY, LP (BY High Sierra Energy GP, LLC, its general partner)

 

HIGH SIERRA ENERGY MARKETING, LLC

 

HIGH SIERRA ENERGY OPERATING, LLC

 

HIGH SIERRA TRANSPORTATION, LLC

 

LOTUS OILFIELD SERVICES, L.L.C.

 

NGL CRUDE LOGISTICS, LLC

 

NGL CRUDE TRANSPORTATION, LLC

 

NGL ENERGY HOLDINGS II, LLC

 

NGL ENERGY LOGISTICS, LLC

 

NGL CRUDE TERMINALS, LLC

 

NGL CRUDE CUSHING, LLC

 

NGL CRUDE PIPELINES, LLC

 

NGL CRUDE CANADA HOLDINGS, LLC,

 

NGL MARINE, LLC

 

NGL SHIPPING AND TRADING, LLC

 

NGL WATER SOLUTIONS EAGLE FORD, LLC

 

NGL WATER SOLUTIONS, LLC

 

NGL WATER SOLUTIONS PERMIAN, LLC

 

NGL WATER SOLUTIONS DJ, LLC

 

PETRO SOURCE TERMINALS, LLC

 

 

 

 

 

By:

/s/ Atanas H. Atanasov

 

 

Name:

Atanas H. Atanasov

 

 

Title:

Chief Financial Officer and Treasurer

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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SECURED PARTIES:

 

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent and as Collateral
Agent

 

 

 

 

 

 

By:

/s/ Deirdra N. Ross

 

 

Name: Deirdra N. Ross

 

 

Title: Vice President

 

 

 

 

 

 

 

By:

/s/ Li Jiang

 

 

Name: Li Jiang

 

 

Title: Assistant Vice President

 

 

 

 

 

 

 

DEUTSCHE BANK AG, NEW YORK BRANCH,
as a Lender, as Swingline Lender, as an Issuing Bank and as Technical Agent

 

 

 

 

 

 

By:

/s/ Chris Chapman

 

 

Name: Chris Chapman

 

 

Title: Director

 

 

 

 

 

 

 

By:

/s/ Shai Bandner

 

 

Name: Shai Bandner

 

 

Title: Vice President

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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ROYAL BANK OF CANADA,
as a Lender

 

 

 

 

 

 

By:

/s/ Jason S. York

 

 

Name: Jason S. York

 

 

Title: Authorized Signatory

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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BNP PARIBAS,
as a Lender and Issuing Bank

 

 

 

 

 

 

By:

/s/ Keith Cox

 

 

Name: Keith Cox

 

 

Title: Managing Director

 

 

 

 

 

 

 

By:

/s/ Christine Dirringer

 

 

Name: Christine Dirringer

 

 

Title: Managing Director

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
as Lender

 

 

 

 

 

 

By:

/s/ Andrew Oram

 

 

Name: Andrew Oram

 

 

Title: Managing Director

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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PNC BANK, NATIONAL ASSOCIATION,
as a Lender and Issuing Bank

 

 

 

 

 

 

By:

/s/ Adam Macklin

 

 

Name: Adam Macklin

 

 

Title: Assistant Vice President

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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THE ROYAL BANK OF SCOTLAND PLC,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Sanjay Remond

 

 

Name:Sanjay Remond

 

 

Title: Authorised Signatory

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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BMO HARRIS BANK N.A,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Lauren Lavorato

 

 

Name:Lauren Lavorato

 

 

Title: Vice President

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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RAYMOND JAMES BANK, N.A.,

 

as a Lender

 

 

 

 

 

 

 

By:

/s/ Scott G. Axelrod

 

 

Name:Scott G. Axelrod

 

 

Title: Vice President

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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ABN AMRO CAPITAL USA LLC,

 

as a Lender

 

 

 

 

 

 

By:

/s/ Darrell Holley

 

 

Name: Darrell Holley

 

 

Title: Managing Director

 

 

 

 

 

 

 

By:

/s/ Casey Lowary

 

 

Name:Casey Lowary

 

 

Title: Executive Director

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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BANK OF AMERICA, N.A.,

 

as a Lender and as an Issuing Bank

 

 

 

 

 

 

 

By:

/s/ Michael Clayborne

 

 

Name:Michael Clayborne

 

 

Title: Vice President

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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SUNTRUST BANK,

 

as a Lender

 

 

 

 

 

By:

/s/ Yann Pirio

 

 

Name: Yann Pirio

 

 

Title: Managing Director

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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UBS AG, STAMFORD BRANCH,

 

as a Lender

 

 

 

 

 

By:

/s/ Lana Gifas

 

 

Name: Lana Gifas

 

 

Title: Director

 

 

 

 

 

 

 

By:

/s/ Jennifer Anderson

 

 

Name: Jennifer Anderson

 

 

Title: Associate Director

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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AMEGY BANK NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

By:

/s/ Charles Troeger

 

 

Name: Charles Troeger

 

 

Title: Vice President

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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GOLDMAN SACHS BANK USA,

 

as a Lender

 

 

 

 

 

By:

/s/ Mark Walton

 

 

Name: Mark Walton

 

 

Title: Authorized Signatory

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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MACQUARIE BANK LIMITED,

 

as a Lender

 

 

 

 

 

By:

/s/ Andrew McGrath

 

 

Name: Andrew McGrath

 

 

Title: Executive Director

 

 

 

 

 

By:

/s/ Nathan Booker

 

 

Name: Nathan Booker

 

 

Title: Associate Director; Legal Risk Manager

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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HSBC BANK USA, NA,

 

as a Lender

 

 

 

 

 

By:

/s/ Brian Myers

 

 

Name: Brian Myers

 

 

Title: Senior Vice President

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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KEYBANK NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

By:

/s/ George E. McKean

 

 

Name: George E. McKean

 

 

Title: Senior Vice President

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as a Lender

 

 

 

 

 

By:

/s/ Andrew Ostrov

 

 

Name: Andrew Ostrov

 

 

Title: Director

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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BARCLAYS BANK PLC,

 

as a Lender

 

 

 

 

 

By:

/s/ Vanessa A. Kurbatskiy

 

 

Name: Vanessa A. Kurbatskiy

 

 

Title: Vice President

 

Signature Page to Amendment No. 6 to Credit Agreement

 

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EXHIBIT A TO

AMENDMENT NO. 6

 

 

SOCIÉTÉ GÉNÉRALE

 

as a Lender

 

 

 

 

 

By:

/s/ Michiel V.M. Van der Voort

 

 

Name: Michiel V.M. Van der Voort

 

 

Title: Managing Director

 

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