Key Energy Services has entered into an extension of its forbearance agreements with its term loan and ABL lenders until the earlier of January 10, 2020 or the occurrence of certain specified early termination events.
Key entered into a forbearance agreement with Cortland Products as term loan agent and the lenders party collectively holding over 99.5% of the principal amount of the outstanding term loans, regarding a default under the term loan and security agreement dated December 15, 2016. Key also entered into a forbearance agreement with Bank of America as administrative agent for the ABL lenders regarding a cross-default under the loan and security agreement, dated April 5, 2019.
The company and the lenders party amended the forbearance agreements to extend the forbearance period until the earlier of January 10, 2020 or the occurrence of certain specified early termination events.
