Blue Dolphin Energy Amends Credit Agreement
Ticker: BDCO · Form: 8-K · Filed: Nov 5, 2024 · CIK: 793306
| Field | Detail |
|---|---|
| Company | Blue Dolphin Energy CO (BDCO) |
| Form Type | 8-K |
| Filed Date | Nov 5, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $30.00, $29.00, $1,500, $1.50 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, credit-agreement
TL;DR
Blue Dolphin Energy just amended its $100M credit line with Wells Fargo.
AI Summary
On October 30, 2024, Blue Dolphin Energy Company entered into a Second Amendment to its Credit Agreement with Wells Fargo Bank, National Association, as administrative agent. This amendment modifies the existing credit facility, which has a principal amount of $100 million.
Why It Matters
This amendment to the credit agreement could impact the company's financial flexibility and its ability to access capital for operations or future investments.
Risk Assessment
Risk Level: low — The filing is a routine amendment to an existing credit agreement and does not appear to involve significant new risks or negative developments.
Key Numbers
- $100 million — Credit Facility Principal (The size of the credit facility being amended.)
Key Players & Entities
- Blue Dolphin Energy Company (company) — Registrant
- Wells Fargo Bank, National Association (company) — Administrative Agent
- $100 million (dollar_amount) — Principal amount of credit facility
- October 30, 2024 (date) — Date of earliest event reported
FAQ
What is the primary purpose of the Second Amendment to the Credit Agreement?
The filing indicates the amendment modifies the existing credit facility, but specific details of the modifications are not provided in this summary.
Who is the administrative agent for Blue Dolphin Energy's credit facility?
Wells Fargo Bank, National Association is the administrative agent.
What is the principal amount of the credit facility?
The principal amount of the credit facility is $100 million.
On what date was the earliest event reported in this 8-K filing?
The earliest event reported was on October 30, 2024.
What is Blue Dolphin Energy Company's state of incorporation?
Blue Dolphin Energy Company is incorporated in Delaware.
Filing Stats: 696 words · 3 min read · ~2 pages · Grade level 9.9 · Accepted 2024-11-05 13:10:11
Key Financial Figures
- $0.01 — ch registered Common Stock , par value $0.01 per share BDCO OTCQX Indicate by ch
- $30.00 — fifth amendment to the office lease of $30.00 per square foot. During months 3 throug
- $29.00 — Lessor reduced the annual base rent to $29.00 per square foot. During months 13 throu
- $1,500 — ts (e.g., utilities) up to a maximum of $1,500 per month. BDSC will also receive an im
- $1.50 — lso receive an improvement allowance of $1.50 per square foot. However, the improveme
Filing Documents
- bdco20241104_8k.htm (8-K) — 27KB
- ex_743093.htm (EX-10.1) — 35KB
- spacediagram10-3024.jpg (GRAPHIC) — 87KB
- 0001437749-24-033286.txt ( ) — 307KB
- bdco-20241030.xsd (EX-101.SCH) — 3KB
- bdco-20241030_def.xml (EX-101.DEF) — 11KB
- bdco-20241030_lab.xml (EX-101.LAB) — 14KB
- bdco-20241030_pre.xml (EX-101.PRE) — 11KB
- bdco20241104_8k_htm.xml (XML) — 3KB
03
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. Blue Dolphin Services Co. ("BDSC"), a wholly owned subsidiary of Blue Dolphin Energy Company ("Blue Dolphin"), maintains an office lease in Houston, Texas. On August 31, 2024, the fifth amendment to the office lease between BDSC and TR 801 Travis LLC expired. On October 30, 2024, BDSC signed a new 24-month lease extension, the sixth amendment, with the lessor named therein (the "Lessor"). The sixth amendment has an effective date of September 1, 2024. Under the sixth amendment, months 1 (September 2024) and 2 (October 2024) cover the holdover period wherein management negotiated the lease with Lessor. During the holdover period, BDSC was not subject to a holdover rate but paid the expiring rate under the fifth amendment to the office lease of $30.00 per square foot. During months 3 through 12, which began on November 1, 2024, Lessor reduced the annual base rent to $29.00 per square foot. During months 13 through 24 the annual base rent will increase to $30.00 per square foot. As additional rent, BDSC will pay a proportionate share of basic building costs (e.g., utilities) up to a maximum of $1,500 per month. BDSC will also receive an improvement allowance of $1.50 per square foot. However, the improvement allowance will expire six months from the lease signing date. The total rental area under the sixth amendment is 9,961 square feet, an increase of 2,268 square feet to accommodate additional personnel.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. 10.1 Sixth Amendment to Lease dated October 30, 2024 and effective September 1, 2024 by and between Blue Dolphin Services Co. and Lessor. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: November 5, 2024 Blue Dolphin Energy Company /s/ JONATHAN P. CARROLL Jonathan P. Carroll Chief Executive Officer, President, Secretary and Assistant Treasurer (Principal Executive Officer) Exhibit Index 10.1 Sixth Amendment to Lease dated October 30, 2024 and effective September 1, 2024 by and between Blue Dolphin Services Co. and Lessor. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)