SEC Filing Summary: STAR GAS PARTNERS, L.P.
Business Context and Reporting Period
This Form 8-K Current Report was filed on November 3, 2005, by Star Gas Partners, L.P. (the "Partnership"). The report details a material definitive agreement entered into by Petroleum Heat and Power Co., Inc. ("Petro"), an indirect subsidiary of the Partnership responsible for its heating oil segment.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, or overall debt figures for the Partnership. The primary financial metric disclosed relates to a specific credit facility:
- Credit Facility Increase: The borrowing limit of Petro's revolving credit facility was increased by $50 million.
- New Total Limit: The facility limit is now $310 million.
- Seasonality: This increased limit applies specifically to the peak winter months from December through March of each year.
- Conditions: Borrowing is subject to certain borrowing base limitations and coverage ratios.
Material Changes
The material change reported is the execution of an amendment to Petro's revolving credit facility agreement with a group of banks. This amendment was signed on the Closing Date of November 3, 2005, to enhance liquidity capacity during the high-demand winter season.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or a discussion of general risks. The amendment is a strategic liquidity measure to support operations during the peak winter heating season. No unusual items or contingencies were disclosed in this report.
Investor Verification Checklist
- Verify the specific borrowing base limitations and coverage ratios attached to the $310 million facility limit.
- Confirm the identity of the bank group participating in the amended credit facility.
- Review the full text of the "First Amendment to Revolving Credit Facility" (Exhibit 99.1) for covenants.
- Check the accompanying press release (Exhibit 99.2) for additional context on the strategic rationale.