Key Developments: Hi Crush Partners LP (HCLP.N)

HCLP.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Hi Crush Partners LP announces increase in third quarter distribution
Thursday, 16 Oct 2014 04:40pm EDT 

Hi Crush Partners LP:Says its general partner has declared a cash distribution of $0.625 per unit on all common and subordinated units, or $2.50 on an annualized basis.Says approved distribution represents a second consecutive increase of $0.05 or 9 pct over the previous quarter's distribution, and is the fifth consecutive increase over the minimum quarterly distribution declared by the partnership.  Full Article

Hi Crush Partners LP announces pricing of secondary offering of common units by Hi-Crush Proppants LLC
Tuesday, 12 Aug 2014 09:00am EDT 

Hi Crush Partners LP:Announced pricing of an underwritten secondary public offering of 3,260,870 common units representing limited partner interests in Partnership by Hi-Crush Proppants LLC at price to public of $62.91 per common unit.Selling unitholder has also granted underwriters 30-day option to purchase up to an additional 489,130 common units.Partnership will not receive any proceeds from sale of common units in offering.Offering is expected to close on Aug. 15.Barclays, UBS Investment Bank, BofA Merrill Lynch and Morgan Stanley acted as joint-book runners in offering.  Full Article

Hi Crush Partners LP announces amendment of long-term contract with Weatherford U.S., L.P.
Monday, 11 Aug 2014 06:00am EDT 

Hi Crush Partners LP:Enters into amendment to its supply agreement with Weatherford.Says amendment increases annual committed volumes under the supply agreement on certain grades of frac sand.Says in the supply arrangement, Weatherford agreed to pay a specified price for a specified minimum volume of frac sand each month.  Full Article

Hi Crush Partners LP announces long-term contract with Liberty Oilfield Services
Tuesday, 17 Jun 2014 04:00pm EDT 

Hi Crush Partners LP:Enters into five-year supply agreement with Liberty Oilfield Services, or LOS, an oilfield service company providing specialized stimulation services to optimize well production in high frac-intensity basins in the United States.Supply agreement requires LOS to pay specified price for specified minimum volume of frac sand each month.  Full Article

Hi-Crush Partners LP gives FY 2014 EBITDA guidance above analysts' estimates - Conference Call
Tuesday, 6 May 2014 10:00am EDT 

Hi-Crush Partners LP:Projects EBITDA of $115 million to $135 million in FY 2014.FY 2014 EBITDA of $103 million - Thomson Reuters I/B/E/S.  Full Article

Hi-Crush Partners LP announces amendment of long-term contract with U.S. Well Services, LLC
Wednesday, 30 Apr 2014 09:29am EDT 

Hi-Crush Partners LP:Enters into amendment to its three-year supply agreement with U.S. Well Services, LLC, or U.S. Well, a Texas-based oilfield services provider of well stimulation services to the upstream oil and gas industry.The amendment significantly increases the annual committed volumes under the agreement signed in March and extends the term by two years.New five-year supply arrangement requires U.S. Well to pay a specified price for a specified minimum volume of frac sand each month.  Full Article

Hi-Crush Partners LP completes acquisition of augusta facility and closes long-term financing transactions
Monday, 28 Apr 2014 07:00pm EDT 

Hi-Crush Partners LP:Announces completion of its previously announced acquisition of certain equity interests in Hi-Crush Augusta LLC.Acquisition consideration of $224.25 million.Hi-Crush now owns 98 pct. of Augusta's common equity interests.Hi-Crush also announced that it closed on a new $200 million Senior Secured Term Loan Credit Facility.The borrowings under the Term Loan Facility were used to partially fund the Augusta acquisition and to pay related fees and expenses.The Term Loan Facility will bear interest at LIBOR plus 3.75 pct. per annum with a 1.00 pct. LIBOR floor, is priced at 99.0 pct. of par value, and will mature in 2021.The term loan was rated B+ (Stable) by Standard and Poor's Ratings Agency and B2 (Stable) by Moody's Investor Service.Hi-Crush also announced that it has closed on a new five-year $150 million Revolving Credit Facility.The Revolving Credit Facility, currently undrawn, will mature in 2019.The primary purpose of the Revolving Credit Facility is to finance future expansion activities, as well as for general corporate purposes.  Full Article

Hi-Crush Partners LP announces pricing of primary offering of common units
Wednesday, 9 Apr 2014 06:50pm EDT 

Hi-Crush Partners LP:Announces pricing of primary offering of 4,250,000 common units at a price of $41.29 per common unit.Offering is expected to close on or about April 15, 2014.Hi-Crush intends to use net proceeds to partially finance recently announced acquisition of Augusta facility, to refinance its existing revolving credit facility, and for related fees and expenses.Barclays, Morgan Stanley, UBS Investment Bank, and BofA Merrill Lynch are acting as joint-book runners.  Full Article

Hi-Crush Partners LP announces extension of supply agreement with FTS International LLC
Tuesday, 8 Apr 2014 04:00pm EDT 

Hi-Crush Partners LP:Enters into of an amendment to the supply agreement between Hi-Crush Operating LLC, a subsidiary of Hi-Crush, and FTS International, LLC.The amendment significantly increases the number of committed volumes under the agreement, extends the term of the supply agreement and requires FTSI to pay a specified price for a specified minimum volume of frac sand each month.  Full Article

Hi-Crush Partners LP announces acquisition of Hi-Crush Augusta LLC; updates Q1 2014 EBITDA outlook to a range below analysts' estimates
Tuesday, 8 Apr 2014 04:00pm EDT 

Hi-Crush Partners LP:Enters into a contribution agreement with Hi-Crush Proppants LLC (the Sponsor) to acquire certain equity interests in Hi-Crush Augusta LLC (Augusta), the entity that owns the Sponsor`s raw frac sand processing facility located in Augusta, Wisconsin.Under the terms of the transaction, the partnership will pay cash consideration of $224.25 mln.At the closing of the acquisition, the partnership`s preferred equity interest in Augusta will be converted into common equity interests in Augusta, and the Partnership will own 98 pct of Augusta`s common equity interests.Acquisition is expected to close by mid-May 2014.Barclays acted as financial advisor to Hi-Crush Proppants LLC.Expects Q1 2014 EBITDA to be in the range of $18.8-$19.5 mln.Q1 2014 EBITDA of $22.3 mln - Thomson Reuters I/B/E/S.  Full Article

U.S. Silica sees sand demand piling up as fracking goes super-sized

- Sand miner U.S. Silica Holdings Inc said demand could triple over the next five years as energy companies use increasing amounts of sand in hydraulic fracturing to extract more oil and gas from shale fields.

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