WAYZATA, Minn.--(BUSINESS WIRE)--
Dakota Plains Holdings, Inc. (NYSE MKT:DAKP) announced today that it has
amended its existing Revolving Credit and Term Loan Agreement, effective
December 4, 2015. The amended agreement extends the maturity date of the
$22.5 million Tranche B Term Loan to January 5, 2017, amends the
interest rate margins on the Tranche B Term Loan to increase by 25 basis
points and modifies the leverage ratio covenant for fiscal quarters
ending prior to March 31, 2017.
Craig McKenzie, Chief Executive Officer of Dakota Plains, commented, "We
are pleased with the successful completion of these amendments and
believe they reflect the continued confidence of our lender in our
company. The amendments, which include a more favorable covenant
structure with modest impact on our interest expense, are a positive
outcome for the company and its stockholders during this challenging
time for the industry."
About Dakota Plains Holdings, Inc.
Dakota Plains Holdings, Inc. is an integrated midstream energy company
operating the Pioneer Terminal transloading facility. The Pioneer
Terminal is centrally located in Mountrail County, North Dakota, for
Bakken and Three Forks related Energy & Production activity. For more
information please visit the corporate website at: www.dakotaplains.com.
Forward Looking Statements
Statements made by representatives of Dakota Plains in this press
release that are not historical facts are forward-looking statements.
These statements are based on certain assumptions and expectations made
by the Company which reflect management's experience, estimates and
perception of historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
which may cause actual results to differ materially from those implied
or anticipated in the forward-looking statements. These include risks
relating to global economics or politics, our ability to obtain
additional capital needed to implement our business plan, minimal
operating history, loss of key personnel, lack of business
diversification, reliance on strategic, third-party relationships,
financial performance and results, prices and demand for oil, our
ability to make acquisitions on economically acceptable terms, and other
factors described from time to time in the Company's periodic reports
filed with the SEC that could cause actual results to differ materially
from those anticipated or implied in the forward-looking statements.
Dakota Plains undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information or
View source version on businesswire.com: http://www.businesswire.com/news/home/20151204005093/en/
Dakota Plains Holdings, Inc.
Tim Brady, CFO, 952-473-9950
Dan Gagnier, 212-415-8972
Source: Dakota Plains Holdings, Inc.
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