Annual report pursuant to Section 13 and 15(d)

Credit Facility

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.