Daily News: February 22, 2017

Bank of America Agents New $150MM ABL Revolver for Keane

Keane Group closed a new $150 million asset-based revolving credit facility to replace its existing $100 million asset-based revolving credit facility.

BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Citigroup and PNC Capital Markets acted as the joint lead arrangers and joint book runners for the new ABL facility. Bank of America will serve as the administrative agent.

The new ABL facility will mature on February 17, 2022. In addition, subject to approval by the applicable lenders and other customary conditions, the new ABL facility allows for an increase in the participants’ commitments of up to an additional $75 million, if desired.

“We are pleased to announce this new credit facility and appreciate the ongoing and increased support of our bank group,” said James C. Stewart, CEO of Keane. “Our new facility maintains our strong balance sheet position, further improves our financial flexibility, and enhances our ability to pursue growth organically and through potential complementary acquisitions. The more favorable terms of the new ABL facility is reflective of current market conditions and allows us to most efficiently participate in the market recovery.”

Houston-based Keane is a provider of integrated well completion services in the U.S., with a focus on complex, technically demanding completion solutions.