Daily News: October 19, 2017

BofA Agents $150MM ABL Facility for Newpark Resources

Newpark Resources amended its credit agreement to increase the ABL revolver from $90 million to $150 million while reducing applicable borrowing rates and fee terms.

The amended agreement extends the term of the ABL facility through October 2022, conditional upon the satisfactory settlement of the company’s outstanding $100 million in convertible senior notes that mature in December 2021. The amended agreement includes an accordion feature, allowing for the potential expansion of the ABL facility up to a maximum of $225 million.

The bank group participating in the facility includes Bank of America, JPMorgan Chase Bank, First Tennessee Bank, Texas Capital Bank and Credit Suisse. According to a related 8-K filing, Bank of America served as administrative agent.

Gregg Piontek, Newpark’s vice president and chief financial officer, said, “We are very pleased to have the support of our bank group with this amendment to our credit facility. By expanding the size of the facility and extending the term, while also improving the pricing and relaxing certain limitations, the amended credit agreement provides us greater flexibility to execute our growth strategy and maximize value for our shareholders.”