Wells Fargo, Others Lead Nuverra Upsized Revolver
Nuverra Environmental Solutions announced that it revised its existing revolving credit facility to increase the maximum availability under the Revised Facility from $200 million to $245 million.
The facility was placed through a syndication of lending institutions led by Wells Fargo Bank, RBS Citizens and Bank of America, as well as CIT Finance and Capital One Business Credit.
The company’s borrowing base calculation as of the closing date supports the $245 million facility size and makes the full facility immediately available to the company. The terms and pricing of the facility remain the same and are unaffected by the upsizing of the facility size.
Jay C. Parkinson, EVP and CFO, commented, “Upsizing our facility size to $245 million supports the organic growth initiatives we have outlined for 2014 while continuing to provide financial flexibility for Nuverra. We were very pleased to receive the strong support of existing as well as new lending partners and appreciate their participation.”
Nuverra Environmental Solutions provides comprehensive and full-cycle environmental solutions to customers in energy and industrial end-markets.