December 17, 2020...7:57 am

Sprague Credit Agreement

About Sprague Resources LPSprague Resources LP is used in the purchase, storage, distribution and sale of refined petroleum products and natural gas. Sprague also provides storage and handling services for a wide range of materials. For more information about Sprague, see PORTSMOUTH, N.H., May 21, 2020 (GLOBE NEWSWIRE) — Sprague Resources LP (“Sprague”) (NYSE: SRLP), the parent company of Sprague Operating Resources LLC and Kildair Service ULC (the “borrowers”), today announced the signing of a second modified and revised senior secure credit contract with MUF Bank. LTD, as administrative officer, MUFG Bank LTD. and BNP Paribas as collateral agents, BNP Paribas, Citizens Bank, N.A., Societe Generale, Wells Fargo Bank, N.A. co-peratieve Rabobank U.A., New York Branch, As co-syndication agents, ABN AMRO Capital USA LLC and Santander Bank, N.A., co-documentation agents and MUFG Bank LTD, BNP Paribas, Citizens Bank, N.A., Societe Generale, Wells Fargo Securities, LLC and Co-peratieve Rabobank U.A., New York Branch as Joint Lead Arrangers and Joint Bookrunners and Financial Institutions. The new credit contract expires on May 19, 2022. Investor Contact:Paul Scoff-1 Information on our use of these non-GAAP measures and correspondences between GAAP and these non-GAAP measures can be found in Sprague`s “Non-GAAP Measures Quarterly Quarterly Supplement” on Sprague`s website, Beginning in 1990, Sprague National Bank (`Sprague`) granted a series of loans to John and Dorothy Morken on the basis of certain loan contracts and certain notes.

The Morkens implemented a security agreement for Sprague, which covered their inventory, agricultural products, equipment and receivables that were currently in possession or subsequently acquired. Sprague filed a UCC-1 guarantees statement with the Kansas Secretary of State. In 1994, John Morken purchased shares in some 1900 cattle from Hoxie Feeders, Inc. (`Hoxie`). Hoxie financed Morken`s cattle purchases. For each transaction, Morken entered into a loan agreement and a debt title in favour of Hoxie and a security agreement granting Hoxie a safety interest for cattle identified during the execution of the documents by the lot number. Hoxie did not make a UCC-1 funding statement to the Kansas Secretary of State, but honed his safety interest by retaking livestock in accordance with the Morken-Hoxie denpere agreements. On June 10, 1994, Morken and his wife filed for bankruptcy under 11 of the U.S. Bankruptcy Code. After the bankruptcy proceedings began, Hoxie sold the cattle to the Iowa Beef Processors for slaughter.