FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


PNC Bank, Flotek Industries Increase Credit Facility to $125MM

May 10, 2013, 07:52 AM
Filed Under: Manufacturing

Flotek Industries, Inc. announced that, through a wholly-owned subsidiary, the company has signed a definitive agreement to immediately acquire all of the outstanding stock of Winter Haven, Florida-based Florida Chemical Company, the world's largest processor of citrus oils and a pioneer in solvent, chemical synthesis and flavor/fragrance applications from citrus oils from facilities in Florida and Texas.

In conjunction with the acquisition Flotek has entered into an Amended and Restated Credit Agreement with PNC Bank. Under the terms of the facility, PNC has agreed to increase the Company's total facility to $125 million comprised of a $50 million term loan and a $75 million revolving credit facility. Flotek intends to fund the cash portion of the acquisition through the proceeds from both the term loan and revolving credit facility.

Under the terms of the Agreement, Flotek will pay $49.5 million in cash and 3,284,180 shares of Flotek common stock for the outstanding shares of privately-held Florida Chemical.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.