Businessweek

On May 9, 2013, Hi-Crush Partners LP (the Partnership) entered into a Commitment Increase Agreement and Second Amendment, by and among the Partnership, the lenders party thereto and Amegy Bank National Association, as administrative agent for the lenders, that amends the Credit Agreement, dated as of August 21, 2012, among the Partnership, the lenders party thereto and the Administrative Agent. Pursuant to the terms of the Second Amendment, the Partnership exercised its right under an existing accordion feature to increase the commitments by $100,000,000 for total aggregate commitments under the Credit Agreement of $200,000,000, which increase was effected by certain existing lenders and the addition of new lenders to the bank group. The Second Amendment contains, among other terms, a term out feature pursuant to which $50,000,000 of borrowings will convert to a term loan due August 21, 2016 with quarterly amortization equal to 5% of the aggregate principal amount of the converted term loan, if the outstanding borrowings under the revolver exceed at any time $125,000,000 for four consecutive fiscal quarters. Additionally, the Second Amendment modifies the mandatory prepayment provisions to include prepayment of the revolver and the term loans from net cash proceeds of certain asset sales and prepayment of the term loan (if any) from net cash proceeds of certain incurrences of debt and equity issuances, limits the ability of the Partnership to consummate any Acquisition (as such term is defined in the Credit Agreement) unless either the pro forma leverage ratio (as such term is defined in the Credit Agreement) as of the beginning of the period of four fiscal quarters most recently ended prior to the date of such Acquisition is less than 2.0 to 1.0 and liquidity is equal to or greater than $15,000,000, in each case after giving effect to such Acquisition, or the total consideration for all Acquisitions consummated in the applicable fiscal year does not exceed $10,000,000, and modifies the financial covenants such that, if a term loan conversion occurs, the existing interest coverage ratio (as such term is defined in the Credit Agreement) only applies on or prior to the date of the effectiveness of the term out feature and, thereafter, is replaced by a debt service coverage ratio (as such term is defined in the Credit Agreement) of not less than 1.50 to 1.00.

Hi-Crush Partners LP (NYSE:HCLP) seeks acquisitions. Laura Fulton, Hi-Crush's Chief Financial Officer, said that the company is looking at "multiple avenues of growth." "One avenue is through growth of contracts, then there are drop-downs - buying from our sponsor, which we did in January - and M&A opportunities. Also, in the longer term there will be organic growth," Fulton added.

Hi-Crush Partners LP reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $19,628,000, income from operations of $7,064,000, net income of $10,783,000 or $0.40 per common and subordinated unit against revenues of $13,532,000, income from operations of $11,097,000, net income of $6,136,000 a year ago. EBITDA was $11,370,000 against $7,243,000 a year ago. Net cash provided by operating activities was $8,466,000 against $3,983,000 a year ago.

Hi-Crush Partners LP, Q1 2013 Earnings Call, May 14, 2013

Hi-Crush Partners LP announced that they will report Q1, 2013 results Pre-Market on May 14, 2013