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Nuverra Upsizes Credit Facility With RBS, Wells Fargo, Others to $245MM

March 20, 2014, 07:41 AM
Filed Under: Recycling

Nuverra Environmental Solutions, a leading provider of full-cycle environmental solutions to energy and industrial end-markets, announced today that it has revised its existing Revolving Credit Facility (the “Revised Facility”) to increase the maximum availability under the Revised Facility from $200 million to $245 million.

The company’s borrowing base calculation as of the closing date supports the $245 million facility size and makes the full facility immediately available to the company. The terms and pricing of the facility remain the same and are unaffected by the upsizing of the facility size.

Jay C. Parkinson, Executive Vice President and Chief Financial Officer, commented, “Upsizing our facility size to $245 million supports the organic growth initiatives we have outlined for 2014 while continuing to provide financial flexibility for Nuverra. We were very pleased to receive the strong support of existing as well as new lending partners and appreciate their participation.”

The Revised Facility was placed through a syndication of lending institutions led by Wells Fargo Bank and RBS Citizens and Bank of America, as well as CIT Finance and Capital One Business Credit.

Nuverra Environmental Solutions is among the largest companies in the United States dedicated to providing comprehensive and full-cycle environmental solutions to customers in energy and industrial end-markets. Nuverra focuses on the delivery, collection, treatment, recycling, and disposal of restricted solids, water, wastewater, used motor oil, spent antifreeze, waste fluids and hydrocarbons.

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