Superior Energy Services entered into a fourth amended and restated credit agreement dated February 22, 2016. According to an 8-K SEC filing, JPMorgan Chase Bank served as administrative agent, providing for a $470.3 million three-year secured revolving credit facility. The new revolving credit facility replaces the company’s existing $600 million revolving credit and $32 million term loan facility, which was scheduled to mature in February 2017.
The credit agreement contains customary representations and warranties, affirmative and negative covenants and events of default that are consistent with those contained in the existing revolving credit and term loan facility. However, the maximum leverage ratio was increased and will be calculated on a net debt basis giving effect to domestic cash in excess of $100 million through the fourth quarter of 2017.
Houston-based Superior Energy serves the drilling, completion and production-related needs of oil and gas companies worldwide through its brand name drilling products and its integrated completion and well intervention services and tools, supported by an engineering staff who plan and design solutions for customers.