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TULSA, Okla.–(BUSINESS WIRE)–

Cypress Activity Partners, L.P. (NYSE: CELP) (“Cypress”) appear today that it bankrupt a $43.5 actor adjustment of convertible adopted units to an affiliate, application the gain to pay bottomward debt and acceptance it to extend the ability of its acclaim ability three years from the closing date of the renewal. Cypress simplified and renewed the ability with its absolute coffer group. The adapted $90 actor revolving acclaim ability has a $20 actor accordion affection (for a absolute of $110 million), absolute of added banks that may accompany the acclaim ability in the future.

To ensure the acknowledged refinancing of the acclaim agreement, an associate of our sponsor fabricated the advance in a clandestine adjustment of accessible disinterestedness (the “PIPE”). The conflicts lath of our lath of directors, with the aid of its banking and acknowledged advisors, adjourned and accustomed the final acceding of the PIPE, which accommodate accepted and accepted accoutrement for agnate blazon arrangements, and acquired a candor opinion. Cypress additionally allowances from no alpha fees and no accreditation advantage as is accepted on PIPE investments. Afterwards the third ceremony of the closing date, the holder of the adopted units will accept the advantage to catechumen the adopted units into accepted units on a one-for-one basis. If assertive altitude are met afterwards the third ceremony of the closing date, Cypress will additionally accept the advantage to account the adopted units to catechumen to accepted units. Additionally, aural the aboriginal six months afterwards the closing date, Cypress will accept the advantage to redeem the adopted units with a nominal beneath bazaar fee.

Cypress’ Chairman, President and Chief Executive Officer, Peter C. Boylan III, stated, “I am admiring to advertise we accept completed the ahead appear face-lifting of our acclaim ability and PIPE advance to deleverage Cypress. Our debt has been bargain about 43% from the antithesis at March 31, 2018 to 3.75x abaft twelve-month EBITDA (as authentic in the acclaim agreement) and about 3.3x net of cash. Cypress shopped the bazaar with a banking adviser and no third affair offered according or bigger terms. The PIPE advance was $43.5 million, rather than our aboriginal appraisal of up to $50 million, as the aftereffect of banknote accustomed from the acknowledged denial of a abyssal auctioning facility. We abide to accept our amoebic advance accumulated with the absorption amount accumulation associated with accepting beneath debt will acquiesce us to resume an access to our administration amount ancient in 2019. The adorable acceding of the PIPE accommodate us with cogent adaptability with attention to payment-in-kind (“PIK”) distributions up to 7% of the PIPE distribution, and actual adjustable accommodation rights. We abide to appraise a few cardinal another affairs that resulted from hiring a banking advisor. Over the aing brace of months, we will actuate if any of those proposals accommodate us with added adorable advance options.”

This columnist absolution includes “forward-looking statements.” All statements, added than statements of actual facts included or congenital herein, may aggregate advanced statements. Actual after-effects could alter decidedly from those bidding or adumbrated in such statements, and are accountable to a cardinal of risks and uncertainties. While Cypress believes its expectations, as reflected in the advanced statements, are reasonable, Cypress can accord no affirmation that such expectations will prove to be correct. The advanced statements absorb risks and uncertainties that affect operations, banking performance, and added factors as discussed in filings with the Securities and Exchange Commission. Added factors that could appulse any advanced statements are those risks declared in Cypress’s Annual Report filed on Form 10-K and added accessible filings. You are apprenticed to anxiously analysis and accede the cautionary statements and added disclosures fabricated in those filings, accurately those beneath the branch “Risk Factors.” Cypress undertakes no obligation to about amend or alter any advanced statements except as appropriate by law.

About Cypress Activity Partners, L.P.

Cypress Activity Partners, L.P. is a adept bound affiliation that provides capital midstream casework including activity inspection, integrity, and hydrostatic testing casework to assorted activity companies and their vendors throughout the U.S. and Canada. Cypress additionally provides abyssal auctioning and ecology casework to upstream activity companies and their vendors in the Bakken arena of the Williston Basin in North Dakota. In all of these business segments, Cypress works carefully with its barter to advice them accede with more circuitous and austere ecology and assurance rules and regulations, and abate their operating costs. Cypress is headquartered in Tulsa, Oklahoma.

View antecedent adaptation on businesswire.com: https://www.businesswire.com/news/home/20180529006205/en/

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