Keane Group, a well completion services provider, amended its asset-based revolving credit facility with Bank of America serving as administrative agent.

The new ABL facility expanded the company’s total availability by $150 million to a total of $300 million, subject to a borrowing base. In addition, subject to approval by the applicable lenders and other customary conditions, the facility allows for an increase in commitments of up to an additional $150 million, up from a previous amount of up to $75 million.

Keane’s estimated availability under the new facility following the amendment is approximately $215 million. The facility bears interest at LIBOR + 150-200 bps, compared to LIBOR + 400-450 bps previously, along with a lower undrawn commitment fee of 25-37.5 bps, compared to 100-125 bps previously. The facility also amended certain terms to reflect Keane’s growth and provide additional flexibility under its covenants.

“This latest amendment to our ABL facility significantly expands our revolving credit capacity, materially reduces interest costs and deepens our lender base,” said Greg Powell, president and CFO of Keane. “We are pleased to enhance our already strong liquidity position, enhancing our growth and financial flexibility against a highly constructive market backdrop for U.S. completions services.”

Bank of America Merrill Lynch, JPMorgan, Morgan Stanley, Citigroup, PNC Capital Markets and Barclays acted as joint lead arrangers and joint book runners for the new facility.