Exhibit 10.1

 

Execution Version

 

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”) is made
and entered into as of December 16, 2015, by and among BUCKEYE PARTNERS, L.P., a
Delaware limited partnership (“BPL”), BUCKEYE ENERGY SERVICES LLC, a Delaware
limited liability company (“BES”), BUCKEYE CARIBBEAN TERMINALS LLC, a Puerto
Rico limited liability company (“BCT”) and BUCKEYE WEST INDIES HOLDINGS LP, a
Cayman Islands limited partnership (“BWIH”, and together with BPL, BES and BCT,
collectively the “Borrowers” and each individually a “Borrower”), the Lenders
(as defined below) that are parties hereto, and SUNTRUST BANK, in its capacity
as administrative agent for the Lenders (the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the Borrowers, the several banks and other financial institutions party
thereto (collectively, the “Lenders”) and the Administrative Agent are parties
to that certain Revolving Credit Agreement, dated as of September 30, 2014 (as
amended, supplemented and modified from time to time and in effect immediately
prior to the date hereof, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined shall have the meanings assigned to such terms in the
Credit Agreement as amended hereby), pursuant to which the Lenders have made
certain financial accommodations available to the Borrowers; and

 

WHEREAS, the Borrowers have requested that the Lenders and the Administrative
Agent extend the Revolving Commitment Termination Date for one year and amend
the definitions of Continuing Director and Leverage Ratio as set forth below,
and subject to the terms and conditions hereof, the Lenders executing this
Amendment are willing to do so;

 

NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt
of all of which are acknowledged, the Borrowers, the Lenders executing this
Amendment and the Administrative Agent agree as follows:

 

1.                                      Amendments to Credit Agreement.

 

(a)                                 Section 1.01 of the Credit Agreement is
hereby amended by replacing the definitions of “Continuing Director” and
“Leverage Ratio” in their entirety with the following:

 

“Continuing Director” shall mean, as of any date, any member of the board of
directors of the General Partner (A) (I) at any time during the first two years
after the Closing Date, individuals who were members of such board of directors
or other equivalent governing body as of the Closing Date or (II) thereafter,
individuals who were members of such board of directors or other equivalent
governing body two years prior to such time, (B) whose election or nomination to
that board or equivalent governing body was approved by individuals referred to
in clause (A) above (as applicable) constituting at the time of such election or
nomination at least a majority of that board or equivalent governing body, or
(C) whose election or nomination to that board or other equivalent governing
body was approved by individuals referred to in clauses (A) and (B) above
constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body.

 

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“Leverage Ratio” shall mean, as of any date of determination, the ratio of
(i) (A) Consolidated Funded Debt, minus (B) the lesser of (1) the BMSC Revolving
Credit Exposure and (2) the sum of (x) 100% of Hedged Eligible Inventory, and
(y) 75% of outstanding Eligible Accounts Receivable (provided, however, in no
event shall the amount in clause (y) exceed 25% of the sum of clause (x) and
(y)), minus (C) to the extent included in Consolidated Funded Debt, 100% of
performance bonds issued by, and letter of credit reimbursement obligations
incurred by, the Buckeye Merchant Service Companies (and guarantees thereof by
BPL) with respect to fuel tax liabilities of the Buckeye Merchant Service
Companies and obligations of the Buckeye Merchant Service Companies under
product purchase and/or supply agreements, in an aggregate amount not to exceed
$100,000,000, minus (D) 100% of Intermediate Loans not to exceed $5,000,000,
minus (E) the principal amount of any bond issuance (so long as 100% of the net
proceeds of such bond issuance are held by one or more Borrowers that is a U.S.
Person in cash or cash equivalents and such proceeds are not subject to any
Liens other than Permitted Encumbrances) minus (F) the principal amount of
Hybrid Equity Securities in an aggregate amount not to exceed 15% of Total
Capitalization, in each case measured on a consolidated basis as of such date of
determination to (ii) the sum of (A) Consolidated Adjusted EBITDA for the four
Fiscal Quarter period ending on or immediately prior to such date for which
financial statements are required to have been delivered under this Agreement
and (B) Material Project EBITDA Adjustments, if any.

 

(b)                                 Section 1.01 of the Credit Agreement is
hereby further amended by adding the following definitions in the appropriate
alphabetical order:

 

“Hybrid Equity Securities” means, on any date (the “determination date”), any
securities issued by BPL or a financing vehicle of BPL, other than common stock
or limited partnership units, that meet the following criteria: (a) BPL
demonstrates that such securities receive at least 50% equity credit from at
least two Nationally Recognized Statistical Rating Organizations (NRSROs), and
(b) such securities require no repayments or prepayments and no mandatory
redemptions or repurchases, in each case, prior to at least 91 days after the
later of the termination of the Commitments and the repayment in full of all
Obligations. As used in this definition, “mandatory redemption” shall not
include conversion of a security into common stock or limited partnership units.

 

“Total Capitalization” means, at the date of any determination thereof, the sum
of (a) all Indebtedness of BPL and its Restricted Subsidiaries, determined on a
consolidated basis in accordance with GAAP plus (b) the consolidated partners’
equity of BPL and its Restricted Subsidiaries.

 

2.                                      Extension of Revolving Commitment
Termination Date.  The Lenders executing this Amendment hereby extend the
Revolving Commitment Termination Date applicable to its Revolving Commitment to
September 30, 2020.  The foregoing extension shall be deemed to be made pursuant
to Section 2.26, and all prior written notice periods required under
Section 2.26 that were not satisfied are deemed waived.

 

3.                                      Effectiveness of Amendment.
Notwithstanding any other provision of this Amendment and without affecting in
any manner the rights of the Lenders hereunder, it is understood and agreed that
the amendment and extension contained herein shall not become effective, and the
Borrowers shall have no rights under this Amendment, until the Administrative
Agent shall have received:

 

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(a)                                 This Amendment duly executed by the
Borrowers, the Required Lenders and the Administrative Agent;

 

(b)                                 an extension fee equal to 4 basis points of
the Revolving Commitments extended pursuant to Section 2 above, payable to the
Administrative Agent for the ratable benefit of the Lenders executing this
Amendment based upon their respective Revolving Commitments, and such other fees
as any Borrower has agreed to pay to the Administrative Agent and its affiliates
in connection with this Amendment; and

 

(c)                                  reimbursement or payment of the costs and
expenses of the Administrative Agent incurred in connection with the
preparation, execution and delivery of this Amendment, including, without
limitation, the reasonable fees and out-of-pocket expenses of outside counsel
for the Administrative Agent.

 

4.                                      Representations and Warranties.  To
induce the Lenders and the Administrative Agent to enter into this Amendment,
each Borrower represents and warrants to the Lenders and the Administrative
Agent that:

 

(a)                                 The execution, delivery and performance by
each Borrower of this Amendment are within such Borrower’s organizational powers
and have been duly authorized by all necessary organizational and, if required,
shareholder, partner or member action.  This Amendment has been duly executed
and delivered by each Borrower and constitutes valid and binding obligations of
such Borrower, enforceable against it in accordance with their respective terms,
except as may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors’ rights
generally and by general principles of equity.

 

(b)                                 The execution, delivery and performance by
each Borrower of this Amendment (a) do not require any consent or approval of,
registration or filing with, or any action by, any Governmental Authority,
except those as have been obtained or made and are in full force and effect,
(b) will not violate any Requirement of Law or any judgment, order or ruling of
any Governmental Authority, in each case, applicable to any Borrower or any
Restricted Subsidiary, (c) will not violate the terms of such Borrower’s
Organizational Documents, (d) will not violate or result in a default under any
Contractual Obligation of any Borrower, the General Partner or any Restricted
Subsidiary or any of its assets or give rise to a right thereunder to require
any payment to be made by any Borrower or any Restricted Subsidiary and (e) will
not result in the creation or imposition of any Lien on any asset of any
Borrower, the General Partner or Restricted Subsidiary, except Liens (if any)
created under the Loan Documents.

 

(c)                                  After giving effect to this Amendment, the
representations and warranties contained in the Credit Agreement and the other
Loan Documents are true and correct in all material respects (other than those
representations and warranties that are expressly qualified by a Material
Adverse Effect or other materiality, in which case such representations and
warranties shall be true and correct in all respects), and no Default or Event
of Default has occurred and is continuing as of the date hereof.

 

5.                                      Reaffirmations and Acknowledgments. 
Each Borrower consents to the execution and delivery of this Amendment by all
other Borrowers and ratifies and confirms its Obligations now or hereafter
outstanding under the Credit Agreement as amended hereby and any promissory
notes issued thereunder. Each Borrower acknowledges that, notwithstanding
anything to the contrary contained herein or in any other Loan Document, its
Obligations (i) are and shall continue to be a primary obligation of such
Borrower, and (ii) are and shall continue to be in full force and effect in
accordance with its terms. 

 

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Nothing contained herein to the contrary shall release, discharge, modify,
change or affect the original liability of the Borrowers under the Loan
Documents.

 

6.                                      Effect of Amendment.  Except as set
forth expressly herein, all terms of the Credit Agreement, as amended hereby,
and the other Loan Documents shall be and remain in full force and effect and
shall constitute the legal, valid, binding and enforceable obligations of the
Borrower to the Lenders and the Administrative Agent.  The execution, delivery
and effectiveness of this Amendment shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of the Lenders under
the Credit Agreement, nor constitute a waiver of any provision of the Credit
Agreement.  This Amendment shall constitute a Loan Document for all purposes of
the Credit Agreement.

 

7.                                      Governing Law.  This Amendment shall be
governed by, and construed in accordance with, the internal laws of the State of
New York and all applicable federal laws of the United States of America.

 

8.                                      No Novation.  This Amendment is not
intended by the parties to be, and shall not be construed to be, a novation of
the Credit Agreement or an accord and satisfaction in regard thereto.

 

9.                                      Counterparts.  This Amendment may be
executed by one or more of the parties hereto in any number of separate
counterparts, each of which shall be deemed an original and all of which, taken
together, shall be deemed to constitute one and the same instrument.  Delivery
of an executed counterpart of this Amendment by facsimile transmission or by
electronic mail in pdf form shall be as effective as delivery of a manually
executed counterpart hereof.

 

10.                               Costs and Expenses.  The Borrower agrees to
pay all costs and expenses of the Administrative Agent in connection with the
preparation, execution and delivery of this Amendment which are payable pursuant
to Section 11.3 of the Credit Agreement.

 

11.                               Binding Nature.  This Amendment shall be
binding upon and inure to the benefit of the parties hereto, their respective
successors, successors-in-titles, and assigns.

 

12.                               Entire Understanding.  This Amendment sets
forth the entire understanding of the parties with respect to the matters set
forth herein, and shall supersede any prior negotiations or agreements, whether
written or oral, with respect thereto.

 

[Signature Pages Follow]

 

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

 

 

BORROWERS:

 

 

 

BUCKEYE PARTNERS, L.P.

 

 

 

By Buckeye GP LLC, its sole general partner

 

 

 

 

 

By:

/s/ Keith E. St.Clair

 

 

Name:

Keith E. St.Clair

 

 

Title:

Executive V.P. & Chief Financial Officer

 

 

 

 

 

 

 

BUCKEYE ENERGY SERVICES LLC

 

 

 

 

 

 

 

By:

/s/ Kevin J. Goodwin

 

 

Name:

Kevin J. Goodwin

 

 

Title:

Vice President and Treasurer

 

 

 

 

 

 

 

BUCKEYE CARIBBEAN TERMINALS LLC

 

 

 

 

 

 

 

By:

/s/ Kevin J. Goodwin

 

 

Name:

Kevin J. Goodwin

 

 

Title:

Vice President and Treasurer

 

 

 

 

 

 

 

BUCKEYE WEST INDIES HOLDINGS LP

 

 

 

 

By Buckeye West Indies Holdings GP LLC, its general partner

 

 

 

 

 

 

 

By:

/s/ Kevin J. Goodwin

 

 

Name:

Kevin J. Goodwin

 

 

Title:

Vice President and Treasurer

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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LENDERS:

 

 

 

SUNTRUST BANK

 

as Administrative Agent and Lender

 

 

 

By:

/s/ Carmen Malizia

 

 

Name:

Carmen Malizia

 

 

Title:

Director

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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WELLS FARGO BANK N.A.

 

as a Lender

 

 

 

By

/s/ Borden Tennant

 

 

Name:

Borden Tennant

 

 

Title:

Assistant Vice President

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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JPMORGAN CHASE BANK, N.A.

 

as a Lender

 

 

 

By

/s/ Elizabeth Schorman

 

 

Name:

Elizabeth Schorman

 

 

Title:

Vice President

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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BARCLAYS BANK PLC

 

as a Lender

 

 

 

By

/s/ Vanessa Kurbatskiy

 

 

Name:

Vanessa Kurbatskiy

 

 

Title:

Vice President

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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UBS AG, STAMFORD BRANCH

 

as a Lender

 

 

 

By

/s/ Darlene Arias

 

 

Name:

Darlene Arias

 

 

Title:

Director

 

 

 

By

/s/ Kenneth Chin

 

 

Name:

Kenneth Chin

 

 

Title:

Director

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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BNP PARIBAS

 

as a Lender

 

 

 

By

/s/ Joseph Onischuk

 

 

Name:

Joseph Onischuk

 

 

Title:

Managing Director

 

 

 

By

/s/ Reginald Crichlow

 

 

Name:

Reginald Crichlow

 

 

Title:

Vice President

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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DEUTSCHE BANK AG NEW YORK BRANCH

 

as a Lender

 

 

 

 

By

/s/ Virginia Cosenza

 

 

Name:

Virginia Cosenza

 

 

Title:

Vice President

 

 

 

 

By

/s/ Ming K. Chu

 

 

Name:

Ming K. Chu

 

 

Title:

Vice President

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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PNC BANK, NATIONAL ASSOCIATION

 

as a Lender

 

 

 

 

By

/s/ Tom Byargeon

 

 

Name:

Tom Byargeon

 

 

Title:

Managing Director

 

[Signature Page to First Amendment to Revolving 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 First Amendment to Revolving Credit Agreement]

 

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COMPASS BANK

 

as a Lender

 

 

 

 

By

/s/ Michael Song

 

 

Name:

Michael Song

 

 

Title:

Senior Vice President

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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BRANCH BANKING AND TRUST COMPANY

 

as a Lender

 

 

 

 

By

/s/ DeVon J. Lang

 

 

Name:

DeVon J. Lang

 

 

Title:

Senior Vice President

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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MORGAN STANLEY BANK, N.A.

 

as a Lender

 

 

 

 

By

/s/ Michael King

 

 

Name:

Michael King

 

 

Title:

Authorized Signatory

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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SUMITOMO MITSUI BANKING CORPORATION

 

as a Lender

 

 

 

 

By

/s/ James D. Weinstein

 

 

Name:

James D. Weinstein

 

 

Title:

Managing Director

 

[Signature Page to First Amendment to Revolving Credit Agreement]

 

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