PNC Extends, Amends Flotek Industries Credit Facility
Flotek Industries announced that it has entered into an amendment to its current credit facility with PNC Bank that, among other terms, extends the maturity to Jan. 31, 2013 and allows the company to repurchase up to $40 million of its outstanding convertible notes.
In addition, the company announced that it has reached an agreement in principle on a permanent restatement and extension of its facility with PNC Bank and expects to complete formal documentation and closing prior to year-end.
“We are pleased that PNC Bank has agreed to extend the terms of our current credit facility and to expand our relationship,” said John Chisholm, chairman, president and CEO of Flotek. “Once finalized, this will provide Flotek with capital to refinance all of our remaining convertible notes and additional access to capital on flexible and efficient terms to fund our future growth plans.”
The terms of the expanded and restated credit facility will be released upon completion of the final agreement between the company and PNC.
Flotek is a global developer and distributor of specialty chemicals and down-hole drilling and production equipment.