v3.26.1
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
18. SUBSEQUENT EVENTS
Jefferson Bridge Loan Credit Agreement and July 2026 Jefferson Credit Agreement
On July 1, 2026, our Jefferson Terminal segment entered into a bridge loan credit agreement (the “Jefferson Bridge Loan Credit Agreement”), providing for a $230.0 million secured bridge loan facility that matures on June 30, 2027 and bears interest at the sum of 5.50% plus the SOFR as administered by the Federal Reserve Bank of New York, with 0.50% step-ups every 90 days for the duration of the agreement.
On July 1, 2026, our Jefferson Terminal segment also entered into a credit agreement (the “July 2026 Jefferson Credit Agreement”), providing for a $30.0 million secured bridge loan facility, which matures on December 15, 2026 with the option to extend the maturity date to August 31, 2027 pursuant to the terms of the July 2026 Jefferson Credit Agreement, and bears interest at the sum of 4.00% plus the SOFR as administered by the Federal Reserve Bank of New York.
Proceeds from the Jefferson Bridge Loan Credit Agreement and the July 2026 Jefferson Credit Agreement were used to (i) repay at maturity all amounts outstanding under the Jefferson Taxable Series 2024B Bonds, (ii) fund a portion of the debt service reserve account required under the Jefferson Bridge Loan Credit Agreement and (iii) pay certain fees, costs and expenses incurred in connection with the transactions noted above.
Dividends
On August 5, 2026, our board of directors declared a cash dividend on our common stock of $0.03 per share for the quarter ended June 30, 2026, payable on September 8, 2026 to the holders of record on August 24, 2026.