SEC Filing Summary: STAR GAS PARTNERS, L.P.
Business Context and Reporting Period
This Form 8-K was filed on April 17, 2007, 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.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, or debt figures. The document focuses exclusively on the terms of a credit facility amendment.
Material Changes
Effective April 17, 2007, the Partnership executed a Fifth Amendment to its revolving credit facility. Key changes include:
- Acquisition Limits: Removed the restriction on the number of individual acquisitions per fiscal year.
- Individual Deal Cap: Increased the dollar limit on individual acquisitions from $10.0 million to $25.0 million.
- Aggregate Deal Cap: Eliminated the $25.0 million limit on the aggregate dollar amount of acquisitions per fiscal year, provided certain financial ratios are maintained.
- Liquidity Requirement: Reduced the required Availability (on a pro forma basis) to make an acquisition from $40.0 million to $30.0 million.
Guidance, Outlook, and Risks
Management commentary indicates the amendment provides increased flexibility to pursue acquisitions. The filing does not contain specific forward-looking guidance, risk factors, or contingencies beyond the standard qualification that the summary is subject to the full text of the Amendment filed as an exhibit.
Investor Verification Checklist
- Verify the specific financial ratios required to maintain the new aggregate acquisition flexibility.
- Review the full text of the Fifth Amendment (Exhibit 99.1) for covenants and definitions of "Availability."
- Confirm the current status of the Partnership's revolving credit facility and outstanding debt levels in subsequent filings.