SEC Filing Summary: Suburban Propane Partners, L.P.
Business Context and Reporting Period
This Form 8-K was filed on August 26, 2005, by Suburban Propane Partners, L.P. (the "Partnership"). The report details a material definitive agreement entered into by its direct subsidiary, Suburban Propane, L.P. (the "Operating Partnership"), regarding its credit facilities.
Key Financial Metrics and Debt Structure
The filing focuses on amendments to the Third Amended and Restated Credit Agreement with Wachovia Bank, National Association. Key changes to the debt structure include:
- Revolving Working Capital Facility: Increased from $75 million to $175 million.
- Letter of Credit Facility: The stand-alone $75 million facility was eliminated and combined into the revolving working capital facility.
- Term Loan Facility: A $125 million term loan facility remains in place.
- Maturity Date: The revolving credit facility's termination date was extended to March 31, 2010, aligning with the term loan maturity.
The filing text does not provide specific values for revenue, profit, cash flow, margins, or current liquidity ratios.
Material Changes Versus Prior Period
The primary material change is the restructuring of the credit agreement to increase total available revolving liquidity by $100 million (net of the eliminated stand-alone facility) and to align the maturity dates of the revolving and term loan facilities.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk factors beyond the execution of the credit agreement amendment. The creation of a direct financial obligation is noted under Item 2.03, referencing the credit agreement terms.
Investor Verification Checklist
- Verify the total available liquidity under the new $175 million revolving facility.
- Confirm the interest rate terms and covenants associated with the amended Credit Agreement (Exhibit 10.1).
- Review the utilization of the $125 million term loan facility.
- Check for any subsequent amendments or defaults related to the credit agreement post-August 2005.