Basic Energy Services and its debtors have successfully completed their prepackaged restructuring and recapitalization plan, and the company has emerged from Chapter 11 bankruptcy protection.

Through its prepackaged plan, Basic equitized more than $800 million of unsecured debt, including accrued interest, eliminated more than $60 million in annual cash interest, and raised $125 million of new capital.

According to a related 8-K filing, Bank of America served as administrative agent, collateral management agent, swing line lender and L/C issuer for a $75 million ABL facility. Wells Fargo served as collateral management agent and syndication agent, and Encina Business Credit was documentation agent.

The ABL credit agreement provides for a $75 million revolving credit loan facility with a $65 million letter of credit sublimit and $10 million swing line sublimit. All capitalized terms not defined herein shall have the meaning assigned to them in the ABL credit agreement.

The company also entered into an amended and restated term loan credit agreement with a syndicate of lenders and U.S. Bank as administrative agent, which amended and restated its existing term loan credit agreement dated February 17, 2016.

The aggregate outstanding principal amount of the loans under the term loan agreement was $164 million.

“Today marks the completion of a restructuring and recapitalization that allows the company to move forward with a solid financial foundation from which we expect to continue to strengthen our business and grow,” said Roe Patterson, CEO. “We now have the financial flexibility to continue to provide our customers with industry-leading expertise and safe, efficient services. Basic is thankful for the continued support of our employees, customers and suppliers and for the support of our secured term loan lenders, secured ABL lenders and unsecured bondholders. That support has been integral to the successful outcome of the Chapter 11 process.”

Weil, Gotshal & Manges is serving as legal counsel, and Moelis & Company is serving as investment banker to Basic. AP Services is acting as restructuring advisors to the company in connection with its restructuring efforts.

Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area.