Blueknight Announces Closing of New $300 Million Revolving Credit Facility

Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) announced today that it has closed a new four-year, $300.0 million senior secured revolving credit facility (the “New Credit Facility”). The New Credit Facility will replace the previous credit facility which was set to mature in May 2022.

“We are very pleased with the successful execution and outcome of our new credit facility,” said Andrew Woodward, Chief Executive Officer. “The extension represents another critical step forward in Blueknight’s transformation, as it strengthens our liquidity position and enhances our visibility into our cost of capital through May 2025 while maintaining financial flexibility for future growth. We are grateful for the continued support from our existing lending partners and are pleased to welcome several new participants to the lender group.”

The relevant terms and covenants contained in the New Credit Facility are summarized below (as compared to the previous credit facility):

Credit Facility Size: permits borrowings up to $300.00 million ($50.0 million lower) with a provision to increase total commitments up to aggregate maximum of $450.0 million

Interest Rate: LIBOR plus applicable margin ranging from 2.00% to 3.25% (no change); based on first quarter 2021 total leverage ratio of 2.12 times, the opening applicable margin remains at 2.00%

Maximum Total Leverage Ratio Covenant: 4.75 times (no change)

Minimum Interest Coverage Ratio Covenant: 2.50 times (no change)

About Blueknight

Blueknight (Nasdaq: BKEP and BKEPP) is a publicly traded master limited partnership that owns the largest independent asphalt terminalling network in the country. Operations include 8.7 million barrels of liquid asphalt storage capacity across 53 terminals and 26 states throughout the U.S. Blueknight is focused on providing integrated terminalling solutions for tomorrow’s infrastructure and transportation end markets. More information is available at www.bkep.com.

Contacts

Investor Relations Contact:

Matthew Lewis, Chief Financial Officer
(918) 237-4032
investor@bkep.com