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


Wells Fargo Extends FET’s $179MM Credit Facility to September 2026

September 13, 2021, 07:45 AM
Filed Under: Energy Services

Forum Energy Technologies entered into an amendment to its asset-based revolving credit facility. The key elements of the amendment include: (i) the maturity has been extended, subject to certain exceptions, to September 2026; (ii) the facility size has been reduced from $250 million to $179 million; and (iii) interest rates on borrowings outstanding under the Credit Facility were modified to LIBOR plus a margin of 2.25% to 2.75%, subject to the Company’s quarterly net leverage. Wells Fargo Bank, JPMorgan Chase Bank, and Bank of America acted as Joint Lead Arrangers and Joint Bookrunners. Wells Fargo Bank will continue to act as the administrative agent. Zions Bancorporation DBA Amegy Bank remained a lender under the Credit Facility.

The full text of the amended Credit Facility will be filed with the U.S. Securities and Exchange Commission on a Current Report on Form 8-K.

Lyle Williams, FET’s Executive Vice President and Chief Financial Officer, commented, “The extension of the Credit Facility’s maturity date to September 2026 and the $179 million of commitments provide significant flexibility for FET to fund organic and strategic growth. As of August 30, 2021, there were no borrowings outstanding under the facility and total availability was approximately $124 million. We appreciate the long-term partnership provided by our lending syndicate.”

Comments From Our Members

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