ProPetro extended its existing asset-based loan facility to a new five-year term and expanded its commitments from $150 million to $225 million. The amended ABL will extend the maturity from 2027 to 2028 and provide enhanced availability and liquidity for the company through updated advance formulas and other provisions.
Barclays will continue to serve as the agent of the amended ABL along with other participants, including JPMorgan Chase, Bank of America and Goldman Sachs.
“We want to recognize and thank our blue-chip financial partners for their continued support of ProPetro and the oil and gas industry as we help our customers produce affordable, safe, and reliable energy for the world,” David Schorlemer, CFO of ProPetro, said. “We believe that in today’s environment of limited capital, our ABL credit facility provides the lowest cost and most desirable capital source, along with a strong equity base, to support our long-term business strategy. We believe this facility, along with our working capital and cash flow from operations, will continue to provide strong liquidity to support ProPetro’s business into the future.”
