Filing Analysis
Star Group, L.P. has entered into a definitive agreement to acquire a home energy distributor for approximately $68 million. The transaction is expected to close within the next 45 days, subject to regulatory approvals.
🚩 Red Flags
- Terms of the deal (other than purchase price) were not disclosed in the filing.
📋 Key Facts
- Acquisition of a home energy distributor located within existing operating footprint.
- Transaction value: approximately $68 million before working capital adjustments.
- Expected closing timeline: within the next 45 days.
- Subject to compliance with governmental reporting requirements.
Star Group, L.P. entered into a Consent to its Seventh Amended and Restated Credit Agreement on December 6, 2024. The consent primarily extends deadlines related to a specified acquisition and borrowing base calculations.
🚩 Red Flags
- Extension of acquisition timelines may indicate delays in executing strategic growth plans or difficulties meeting closing conditions.
📋 Key Facts
- Entered into a Consent to the Seventh Amended and Restated Credit Agreement with a ten-participant bank syndicate.
- The consent extends the deadline for signing and closing a 'Permitted Acquisition'.
- The consent extends the timeframe required to close an acquisition to qualify for increased advance rates on 'customer routes' in borrowing base calculations.
- Filed under Item 1.01 (Entry into a Material Definitive Agreement).
Star Group, L.P. has filed an 8-K to furnish its financial results for the fiscal fourth quarter and fiscal year ended September 30, 2024.
📋 Key Facts
- Reporting period: Fiscal fourth quarter and fiscal year ended September 30, 2024.
- Filing date: December 4, 2024.
- The filing is for the purpose of furnishing results via press release (Exhibit 99.1) rather than as a formal 'filed' event under Section 18.
Star Group, L.P. issued a press release announcing its quarterly distribution for the fiscal fourth quarter ended September 30, 2024.
📋 Key Facts
- The company declared a quarterly distribution on all units for the fiscal fourth quarter ending September 30, 2024.
- The announcement was made via press release on October 17, 2024.
- The filing is furnished under Item 8.01 (Other Events) and is not deemed 'filed' for purposes of Section 18.
Star Group, L.P. entered into a seventh amended and restated asset-based credit facility agreement on September 27, 2024. The agreement includes a revolving line of credit up to $475 million (seasonally adjusted) and a $210 million senior secured term loan intended to repay existing debt and fund future acquisitions.
🚩 Red Flags
- Significant debt obligations with strict financial covenants (Fixed Charge Coverage and Senior Secured Leverage).
- Restrictions on ability to pay distributions to unitholders, incur additional debt, or make investments.
- All assets (accounts receivable, inventory, real property, etc.) are pledged as collateral.
📋 Key Facts
- Entered into seventh amended and restated asset-based credit facility on September 27, 2024.
- Revolving line of credit up to $400 million ($475 million during heating season Dec–Apr).
- $210 million five-year senior secured term loan included in the agreement.
- Term loan proceeds: $132.1 million for debt repayment; $77.9 million for acquisitions and general corporate purposes.
- Facility expires September 27, 2029.
- Interest rates based on a margin over Adjusted Term SOFR or base rate.
- Company can elect to increase revolving facility by $200 million without bank consent (subject to funding obligations).
- Requires maintenance of fixed charge coverage ratio ≥ 1.1:1.0 and senior secured leverage ratios between 3.0:1.0 and 5.5:1.0 depending on the quarter.
Star Group, L.P. filed an 8-K to furnish its financial results for the fiscal third quarter ended June 30, 2024. The filing serves as a vehicle to distribute the quarterly press release via Exhibit 99.1.
📋 Key Facts
- Report date: July 31, 2024
- Reporting period: Fiscal third quarter ended June 30, 2024
- The filing is intended to satisfy Item 7.01 (Regulation FD Disclosure) and Item 9.01 (Financial Statements and Exhibits)
- Information is furnished rather than filed for purposes of Section 18 of the Exchange Act
Star Group, L.P. issued a press release declaring its quarterly distribution for the fiscal third quarter ended June 30, 2024.
📋 Key Facts
- Declaration of quarterly distribution for the fiscal third quarter ended June 30, 2024.
- The announcement was made via press release on July 18, 2024.
- The filing is furnished under Item 8.01 (Other Events) and is not considered 'filed' for purposes of Section 18.
Star Group, L.P. filed an 8-K to furnish its financial results for the fiscal second quarter ended March 31, 2024 via a press release.
📋 Key Facts
- Report date: May 1, 2024
- Reporting period: Fiscal second quarter ended March 31, 2024
- The filing is for the purpose of furnishing results under Item 2.02.
- Information is furnished but not 'filed' for purposes of Section 18 of the Exchange Act.
Star Group, L.P. issued a press release declaring its quarterly distribution for the fiscal second quarter ended March 31, 2024.
📋 Key Facts
- Declaration of quarterly distribution on all units for the fiscal second quarter ended March 31, 2024.
- The announcement was made via press release dated April 18, 2024.
- The filing is furnished under Item 8.01 (Other Events) and does not constitute 'filed' information for purposes of Section 18.
Star Group, L.P. issued an 8-K to announce its financial results for the fiscal first quarter ended December 31, 2023.
📋 Key Facts
- Report date: February 7, 2024
- Reporting period: Fiscal first quarter ended December 31, 2023
- The filing is for the purpose of furnishing financial results via press release (Exhibit 99.1)
- Information is furnished under Item 2.02 and is not deemed 'filed' for purposes of Section 18 of the Exchange Act.
Star Group, L.P. issued a press release announcing its quarterly distribution for the fiscal first quarter ended December 31, 2023.
📋 Key Facts
- The announcement pertains to the fiscal first quarter ended December 31, 2023.
- The filing is an Item 8.01 'Other Events' disclosure regarding a quarterly distribution declaration.
- The press release was issued on January 11, 2024.