Daily News: March 1, 2018

Barclays Upsizes ProPetro ABL Revolver to $200MM

Oilfield services company ProPetro expanded the capacity of its existing ABL loan facility from $150 million to $200 million. According to a related 8-K filing, Barclays Bank acted as administrative agent for the transaction.

The amended ABL bolstered ProPetro’s commitment to maintaining financial discipline, a strong balance sheet and ample liquidity. The company will continue to target a net debt to LTM EBITDA ratio of less than 1.0x and plans to remain below that level for the foreseeable future.

“We are pleased to announce the expansion of our revolving credit facility and the additional financial flexibility it provides,” commented CFO Jeff Smith. “We appreciate the continued support of our banking partners who recognize the strong long-term fundamentals and unique positioning of our business as a true industry leader.”

Based in Midland, TX, ProPetro provides pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.