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Bank of America, Others Close $50MM Upsize for Newpark Resources

March 22, 2019, 08:01 AM
Filed Under: Oil & Gas

Newpark Resources, Inc. announced that it has entered into a first amendment to its existing credit agreement, which amends and extends its outstanding credit agreement, increases its asset-based revolving loan from $150 million to $200 million, and reduces applicable borrowing rates.

Under the terms of the Amendment, the ABL Facility is extended through March 2024, conditioned upon the satisfactory settlement of the Company's outstanding $100 million of 4.0% Convertible Senior Notes that mature in December 2021.  The Amendment also includes an accordion feature, which if certain conditions are met, allows for the potential expansion of the ABL Facility up to a maximum of $275 million.

The bank group participating in the facility includes Bank of America, JPMorgan Chase Bank, First Tennessee Bank, Credit Suisse, and Texas Capital Bank.

Gregg Piontek, Newpark's Senior Vice President and Chief Financial Officer, stated, "We are very pleased to have the support of our bank group with this credit facility amendment.  By expanding the size of the ABL Facility and extending the term to 2024, while also improving the pricing and relaxing certain covenants, the Amendment provides us with greater flexibility to execute on our growth strategy and maximize long-term value for our stockholders."

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