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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Wells Fargo Agents $75MM Asset-Based Facility for Ranger Energy Services
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Lenders/Participants
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Wells Fargo Bank [Administrative Agent, Lender]
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Structure
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Asset-Based Facility
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Amount
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$75.000
Million
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Borrower(s)
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Ranger Energy Services
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Description
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The facility includes $75MM of committed liquidity and includes an accordion allowing for potential expansion up to $150 million to support future growth opportunities. Under the terms of the agreement, the ABL will have a term of five years. The new facility will consolidate all of Ranger Energy Services’ material existing debt instruments into the new expanded facility, enabling Ranger to simplify its debt structure and reduce its cost of capital. The asset-based facility incorporates a tiered pricing structure based on the secured overnight financing rate (SOFR). The facility includes standard fixed charge coverage ratio covenant tests to be applied.
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Industry
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Energy Services
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Location
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TX
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| Related Tags |
Wells Fargo Bank
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ABL Advisor
Deal Tables
2024
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