Basic Energy Services amended its credit facility, increasing its asset-based lending credit facility from $120 million to $150 million.
The amendment added Morgan Stanley Senior Funding to the lender group. All other terms and conditions of the ABL remained unchanged.
According to a related 8-K filing, UBS, Stamford Branch served as both administrative and collateral agent on the transaction.
Roe Patterson, Basic’s CEO and president, said, “We are very pleased that we were able to increase the ABL commitments by $30 million. With this up-sized ABL, we have positioned ourselves to access additional liquidity to fund our anticipated growth.”
Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area.