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Barclays, JPMorgan, BofA, Goldman Sachs Expand ProPetro’s ABL Facility to $225MM

June 05, 2023, 07:35 AM
Filed Under: Oil & Gas
Related: ProPetro Holding

ProPetro Holding expanded and extended its existing asset-based loan facility to a new five-year term and an expansion of commitments from $150 million to $225 million. The Amended ABL will extend the maturity from 2027 to 2028 and, through updated advance formulas and other provisions, provide enhanced availability and liquidity for the Company.

David Schorlemer, the Company’s Chief Financial Officer, commented, “We want to recognize and thank our blue-chip financial partners for their continued support of ProPetro and the oil and gas industry as we help our customers produce affordable, safe, and reliable energy for the world. We believe that in today's environment of limited capital, our ABL credit facility provides the lowest cost and most desirable capital source, along with a strong equity base, to support our long-term business strategy. We believe this facility, along with our working capital and cash flow from operations, will continue to provide strong liquidity to support ProPetro's business into the future.”

Barclays will continue to serve as the agent of the Amended ABL along with other participants, namely, JPMorgan Chase, Bank of America, and Goldman Sachs.


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