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Bank of America Agents $150MM Credit Facility for Keane Group

February 22, 2017, 08:10 AM
Filed Under: Specialty Industries

Keane Group, Inc. announced that on February 17, 2017 the Company entered into a new $150 million asset-based revolving credit facility to replace its existing $100 million asset-based revolving credit facility. The New ABL Facility will mature on February 17, 2022. In addition, subject to approval by the applicable lenders and other customary conditions, the New ABL Facility allows for an increase in the participant’s commitments of up to an additional $75 million, if desired.

"We are pleased to announce this new credit facility and appreciate the ongoing and increased support of our bank group," said James C. Stewart, Chief Executive Officer of Keane. "Our new facility maintains our strong balance sheet position, further improves our financial flexibility, and enhances our ability to pursue growth organically and through potential complementary acquisitions. The more favorable terms of the New ABL Facility is reflective of current market conditions and allows us to most efficiently participate in the market recovery."

BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Citigroup and PNC Capital Markets LLC acted as the joint lead arrangers and joint book runners for the New ABL Facility. Bank of America, N.A. will serve as the administrative agent for the New ABL Facility.

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