XPLR Infrastructure, LP 8-K

What Happened

• On February 6, 2026 XPLR Infrastructure Operating Partners, LP and a direct subsidiary entered a Fourth Letter Amendment to their senior secured revolving credit facility. The amendment shortens the current committed revolver but creates a larger potential aggregate capacity and extends the facility maturity to 2031.
• On February 10, 2026 the Partnership posted a news release with its fourth-quarter and full‑year 2025 financial results (the release is furnished as Exhibit 99 to the 8‑K).

Key Details

• Revolving facility: base committed size reduced from $2.45 billion to $1.25 billion.
• Letters of credit: borrowing capacity for letters of credit unchanged at up to $400 million.
• Aggregate capacity: revised to permit up to $2.0 billion in the facility total, which includes incremental commitments subject to conditions.
• Maturity extended to 2031.
• Security and guarantees: borrowings are secured by liens on certain subsidiary assets and guaranteed by XPLR OpCo and XPLR Infrastructure, LP.
• Covenants and restrictions: loan parties must meet quarterly financial covenants; XPLR OpCo’s ability to pay cash distributions is limited under the agreement.

Why It Matters

• Liquidity and flexibility: the immediate committed revolver was reduced, which may tighten near‑term borrowing capacity, but the amendment preserves letters‑of‑credit capacity and allows incremental commitments up to $2.0B and a longer maturity (2031), providing potential future funding flexibility.
• Credit terms and distributions: the secured nature of the facility, the quarterly financial covenants and limits on cash distributions could affect the Partnership’s ability to pay distributions and access capital if covenant tests tighten.
• Next steps for investors: review the Partnership’s Feb. 10, 2026 earnings release for updated financial metrics and read the Fourth Letter Amendment (Exhibit 10.1) for full terms and covenant details to assess liquidity and distribution risk.