Annual report pursuant to Section 13 and 15(d)

Credit Facility

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Credit Facility
12 Months Ended
Dec. 31, 2018
Credit Facility  
Credit Facility

(3)  Credit Facility

On May 9, 2018, AMGP entered into a credit facility (the “Credit Facility”) with a bank, which provides for a line of credit of up to $12 million.  The maturity date of the Credit Facility is May 6, 2019.

The Credit Facility is guaranteed by IDR LLC and secured by a pledge of the Series A capital interests in IDR LLC and the membership interests in AMP GP.

Interest is payable on borrowings at a variable rate based on the base rate plus a margin rate of interest equal to 1.00% per annum.  The base rate is the highest of (i) the Federal Funds Rate plus ½ of 1%, (ii) the rate of interest in effect for such day as publicly announced from time to time by the Lender as its “prime rate” and (iii) the Eurodollar Rate plus 1.00%.  

The Credit Facility contains customary events of default and various affirmative and negative covenants, including restrictions on incurring indebtedness, making investments and disposing of assets, and a requirement to completely repay amounts outstanding under the line of credit at least once each fiscal quarter. 

At December 31, 2018, AMGP had no borrowings under the Credit Facility.