Nuverra Environmental Solutions announced that it entered into an amendment of its existing $325 million credit facility.
According to the company’s 8-K filing, Wells Fargo Bank served as the administrative agent, issuing lender and swing line lender.
The amendment increases the permissible maximum total debt leverage ratio, as defined in the company’s existing facility, to the following terms:
|September 30, 2013||4.75x||4.00x|
|December 31, 2013||4.50x||4.00x|
|March 31, 2014||4.25x||4.00x|
|June 30, 2014||4.00x||3.75x|
|September 30, 2014 & thereafter||3.75x||3.75x|
The pricing of the Facility is unchanged by the Amendment.
“We proactively amended our credit agreement to reinforce to investors that we have ample liquidity to operate our business and evaluate potential acquisitions as they become available,” said Mark D. Johnsrud, chief executive officer of Nuverra Environmental Solutions. Additionally, the continued support of our bank group should help assure the investment community that we have the flexibility needed to scale our business.”
Nuverra is an environmental solutions company that provides comprehensive and full-cycle environmental solutions to our customers in energy and industrial end-markets.